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CNBC ON DIGG

Dow Ekes Out a Gain; Priceline Surges

Published: Tuesday, 10 Nov 2009 | 5:07 PM ET

Text Size

By: Cindy Perman
Writer

The Dow eked out a gain Tuesday but trading was light and choppy following Monday's rally.

The Dow Jones Industrial Average rose 20.03, or 0.2 percent, to close at 10,246.97, its highest close since October 2008, and fifth straight gain. This came after the Dow chalked up its second 200-plus gain in three sessions on Monday.

The S&P 500 finished flat and the Nasdaq shed 0.1 percent.

Major U.S. Indexes

.DJIA

.NCOMP

.SPX

Health-care, utilities and materials were the best-performing sectors.

Bank of America [BAC Loading... () ] was the top gainer on the Dow, up 1.7 percent, after some reassuring words from embattled CEO Ken Lewis.

American Express [AXP Loading... () ] gained after the company said credit-card spending rose in October from September.

But financials struggled after MBIA [MBI Loading... () ] reported another hefty loss — this one clocked in at $727.8 million, or $3.50 a share — amid mounting writedowns. MBIA shares tumbled 27 percent.

Techs showed some strength as chips advanced and Priceline [PCLN Loading... () ] shot up 18 percent after the travel-booking Web site crushed earnings expectations due to an "exceptionally strong" summer-travel season.

FOR INVESTORS

There were some glimmers in retail as investors are increasingly making bets on consumer-discretionary spending.

There were no major releases on the calendar for a second consecutive day, a streak that will be continued Wednesday as many offices and the bond market will be closed in observance of the Veterans' Day holiday.

Filling the void, there were a parade of Fed speakers today: Atlanta Fed President Dennis Lockhart, San Francisco Fed President Janet Yellen, Fed Governor Daniel Tarullo and Dallas Fed President Richard Fisher.

Lockhart and Yellen warned that unemployment likely will remain high for the next several years because the economic recovery won't be strong enough to spur robust hiring. These were the first public remarks from Fed officials since the government last week reported that the unemployment rate surged to 10.2 percent in October, the highest since the mid-1980s.

Winterizing Your Portfolio - A CNBC Special Report

Tarullo said governments must convince markets that they are willing and able to wind down large firms, not just bail them out.

Fisher speaks tonight.

The Treasury's $25 billion of 10-year notes today was met with decent demand. That followed strong demand for yesterday's 3-year auction. Thursday is the 30-year auction.

JPMorgan [JPM Loading... () ] slipped 0.4 percent after the brokerage announced plans to reinstate its 401(k) matching — starting with 2009 — and said they plan to hire 1,200 mortgage officers.

AIG [AIG Loading... () ] rose 3.9 percent said it is moving toward repaying bailout money.

And Yahoo [YHOO Loading... () ] is back in expansion mode — CEO Carol Bartz said they're hiring again. Its shares ticked up 0.1 percent.

Electronic Arts [ERTS Loading... () ] tumbled 6.4 percent after the videogame maker beat earnings forecasts and announced plans to cut about 1,500 jobs or 17 percent of its workforce. Shares had initially risen in after-hours trading.

Oracle [ORCL Loading... () ] and Sun Microsystems [JAVA Loading... () ] skidded. The U.S. Justice Department weighed in on regulatory concerns about Oracle's purchase of Sun in Europe, saying it does not agree with the EU's objections to the deal.