Market Close Hangs on to 10,000 Level

(CBS/AP)  Last Updated at 4:25 p.m. Eastern

Stocks ended modestly higher as rising energy stocks offset weakness in financial stocks.

The moderate gains Thursday come a day after major indexes jumped on strong profit reports from JPMorgan Chase & Co. and Intel Corp.

JPMorgan helped set a high bar for banks, and investors didn't like as much what they heard Thursday from rivals Goldman Sachs and Citigroup.

Oil soared $2.40 to $77.58 a barrel as refiners slashed production.

The Dow Jones industrial average is up 47 at 10,063. The Standard & Poor's 500 index is up 5 at 1,097. The Nasdaq composite index is up 1 at 2,173.

Advancing stocks narrowly outpaced those that fell on the New York Stock Exchange, where volume came to 1.4 billion shares, about the same as Wednesday.

Investors held off making big moves after earnings reports from Goldman Sachs Group Inc. and Citigroup Inc. brought reminders of the troubles banks still face.

Stocks zigzagged Thursday afternoon, a day after major indexes vaulted to their highest levels in a year on strong profit reports from JPMorgan Chase & Co and Intel Corp. The Dow Jones industrials wavered around the 10,000 level, having the day before for the first time since last October.

JPMorgan helped set a high bar for bank earnings, and investors didn't like as much what they heard from rivals Goldman Sachs and Citigroup. Goldman's net income of $3.19 billion beat expectations on strong trading profits, but its stock fell on disappointment over a sharp fall in investment banking revenues. Citigroup reported a slightly smaller loss per share than expected but said credit losses remain high.

Investors drew some comfort from government reports that new unemployment claims fell more than expected last week and that manufacturing activity in the New York region has improved.

"Things are going in the right direction but the fundamental economic improvement is slow," said Robert Dye, senior economist at PNC Financial Services Group. "The tendency is for the markets to get ahead of themselves and have to be rebalanced periodically."

The results from Goldman weighed on financial stocks. A jump in oil buffered some of the market's losses by lifting shares of energy companies.

The day's moves were modest, and traders weren't alarmed to see some consolidation the day after such a strong rally. Major stock indexes have rocketed off of 12-year lows in March but remain well below the highs of two years ago.

Seeing the Dow Jones industrials at five digits for the first time in a year could spook some traders who worry that stocks have been too quick to rebound. Others say that skepticism is a signal that the market will continue to defy expectations and advance.

Analysts expect corporate earnings reports will shape trading for the next several weeks. Google Inc., IBM Corp. and chip maker Advanced Micro Devices are slated to report results after the closing bell.

With big numbers from technology companies imminent, traders didn't make big moves.

[spaceatoms]

The bottom line is main street can't do anything to stop this route by Wall Street and it might be worse this time as Barack has his cards stacked even deeper than Bush, and don't think he isn't in on it, the greed of a President; money shouldn't be the central theme in todays world and its up to our leaders to see it, but they are all in on it now, don't mean to sound paranoid, but it was almost corrected last summer, there is more to life than money as we are all going to find out because main street won't have any. In other words, you can't become wealthy today without going through Wall Street. Inflation is up and its just a matter of time before gas goes up again, speculation is on the rise as stocks are being intentionally overvalued again in hopes of a big cash pay day. We are right back where we were before the election except this time, its going to be really bad as companies stocks are going up without earnings and AIG is giving billions in bonues again and the off all things posting a loss as a writeoff. LMFAO!

[kenhamlett]

Does anyone else get a a feeling that caution is in order with blue chips and bank stock seeming to be winners? I'm not trying to be a party killer but this is not the scenario that rings my bell.

[lovenpeace1]

Folks,

Before WWII, America was nobody.

After WWII, America had a World Economic Monopoly. The economies of all foreign nations were Ruined and Destroyed. Consequently, all foreign developing nations were Forced to purchase 'Made in USA' at our High Monopoly Price which raised our Standard of living thru the Roof.

Today, America got No World Economic Monopoly. Americans must lower their Standard of Living in order to have a chance to Compete with Foreign Developed Nations.

I do not Blame and Credit Capitalism, Democracy, Innovation, Organized Labor, Small Businesses, American's IQ and Hard work. I credit our once Monopoly status for our prosperity of the last 60 years.The Monopoly is gone now, so learn to live with it.

[rightbehind]

Main street would be better off with the speculators in the unemployment line.

[hungry1968-16]

by anti-global2 October 15, 2009 2:13 PM EDT
I agree with alot of what you say about the need to break up these companies, but that does not mean capitalism needs to end. A system where more educated more qualified and more successful people only recieve the same amoutn of income as other people who contribute less is unacceptable. Eveything needs to be based on merit, so the best and brightest always win. This makes the whole country better. There has to be a middle ground where basic needs are met, the playing field is level for the big guy and the little guy and where those who achieve are rewarded and those who are a buden are made to pay back what they cost.






The best and brightest don't always win. Many, many times I've seen colleagues and friends of mine, passed over for advancement or promotion, for someone that is highly unqualified, and generally clueless about the position that they hold. But they got the job because they knew the people that were doing the hiring, or were in a position to influence the person doing the hiring.

Many people in government do the same thing. Nearly everyone in the Bush administration was a "political payback" appointment, and most had NO QUALIFICATIONS to hole the positions they were appointed to.

And when that happens in the business world, then the best and brightest don't always get the jobs that are available.

[Kristi08854]

www.Dearpolitician.org - Automated - Write your letters and they will deliver them to all the politicians you choose the same day. Quick way to be heard. Try it out!

[FleetGhost]

People are living altered lives, shooting themselves and each other due to the economic downturn. Massive investment losses have been insured to hit middle class lay investors, banks have closed affecting account holders, unemployment is high, businesses are closing across the country, foreclosures on homes continue, pay freezes, reductions in services instituted by states due to massive investment losses of revenue, sky high retail level costs of goods predicted. Are we the people missing something as it's announced on CBS Evening News (10/14/09) that Goldman Sachs, Citibank, Bank of America and other financial institutions are paying their people record breaking bonuses in 2009 after GROPE (the Greatest Robbery of the People Ever) in 2008? Where are parties protesting this?

[lmolway]

Since the stock market reached above 10,000, how did that happen? Homes are being foreclosed, bankruptcies are still high, and unemployment is high. Americans are still not spending very much, but have tried to put more into savings. My thoughts are that it is the wealthy and financial institutions again making money off the backs of the average Joe and Jane 401k's. Joe and Jane have adjusted to older furniture, older appliances, shorter or no vacations, and not going out for dinner. Eventually as the baby boomers retire and start living on their investments, more money from the market will dry up.

If the rich are the only players in the market, where will the rest of us be. If the average Joe and Jane stop buying automobiles, appliances and houses, the prices will continue to fall. If the rich buy all of the property and try to rent at high prices, then more and more slums will develop. Just a theory

[hungry1968-16]

by NewYork-Joe-5 October 15, 2009 12:13 PM EDT
So when companies have poor earnings reports, due to "a sharp fall in investment banking revenues" your answer is to thuggishly "break these scumb___s up into little companies ??? Where do you get off doing that or even suggesting you or the government have the authority to do that ? I see no anti-trust or monopolies that would warrant a "break up"

Is there no end to your meddling in company's business, all because they accepted loans from the TARP bailout ?? That gives you the authority to "break up" whatever your commie mind wants ?






When a company is big enough to fail, and take America down with it, then it's too dammnn big, and needs to be broken up.

You extremists think that "capitalism" is the "be all, end all" - the ONLY way to live, even though that system has failed America time and time again, and threatens the very existence of our nation.

Sorry - but America comes BEFORE big businesses. If you don't like it, then I suggest you move to somewhere that shares your ideals. I don't know where that is, because there is NO NATION ON EARTH, that allows big businesses to run their nation, control their political system, and dictate that nation's ENTIRE ECONOMIC SITUATION to them.

[hungry1968-16]

So Citigroup and Goldman Sachs are STILL dragging our economy down, huh?

Why hasn't the government finally broken these scummbags up into little bitty companies?