{"id":347543,"date":"2011-03-29T14:40:51","date_gmt":"2011-03-29T14:40:51","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/29\/stocks-are-still-vulnerable\/"},"modified":"2011-03-29T14:40:51","modified_gmt":"2011-03-29T14:40:51","slug":"stocks-are-still-vulnerable","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/29\/stocks-are-still-vulnerable\/","title":{"rendered":"Stocks are still ‘vulnerable’"},"content":{"rendered":"

\"stock<\/a>Click chart for more market data.<\/b><\/span>
\nBy Hibah Yousuf, staff reporter<\/span>March 29, 2011: 10:40 AM ET<\/span>
<\/p>\n

NEW YORK\u00a0(CNNMoney) — U.S. stocks edged higher Tuesday, but the gains were tempered by investor caution over disappointing economic reports and ongoing geopolitical concerns. <\/p>\n

Big tech stocks were the worst performers on the blue chip index, with shares of Hewlett Packard (HPQ<\/a>, Fortune 500<\/a>) and Intel (INTC<\/a>, Fortune 500<\/a>) down more than 1%. <\/p>\n

The S&P 500 (SPX<\/a>) rose less than 1 point, and the Nasdaq (COMP<\/a>) added 11 points, or 0.4%. A 7% drop in shares of Apollo Group (APOL<\/a>) weighed on both indexes, after the operator of the University of Phoenix lowered its outlook. Devry (DV<\/a>) and Washington Post Co. (WPO<\/a>, Fortune 500<\/a>), which own Kaplan, also slid.<\/p>\n

U.S. stocks<\/a> finished slightly lower Monday, snapping a three-day winning streak. But volume has been light so even the sharp move higher should be taken in stride.<\/p>\n

The market is going through “a normal digestion period following the recent sharp gains,” said Scott Marcoullier, chief technical market strategist at Wells Fargo Advisors. <\/b><\/p>\n

Still, Marcoullier said the market remains “vulnerable to developments in Japan and hot spots in the Mid East.”<\/p>\n

Late Monday, President Obama rejected criticism<\/a> of his decision to commit U.S. forces to the U.N.-authorized military mission in Libya, saying there were strategic and moral reasons to act against Moammar Gadhafi.<\/p>\n

In Japan, workers at the crippled Fukushima Daiichi nuclear plant struggled to keep reactors cool and prevent radioactive water<\/a> from leaking into the ocean.<\/p>\n

Economy:<\/b><\/a> The S&P Case-Shiller home price index<\/a> of 20 major cities showed that January home prices fell 3.1% on an annual basis, nearing the housing market’s 2009 lows. Prices fell 1% on a monthly basis. <\/p>\n

Consumer confidence slipped<\/a> in March, according to the Conference Board. Turbulence in the oil markets and concern over the Japanese nuclear crisis put a big dent in sentiment. <\/p>\n

Meanwhile, investors are looking to the end of the week, when the government will release its key snapshot of the nation’s job market. <\/p>\n

Friday’s monthly hiring and unemployment report from the Labor Department is expected to show the economy added 185,000 jobs in March, while the unemployment rate remained steady at 8.9%, according to economists surveyed by Briefing.com.<\/p>\n

Companies:<\/b><\/a> Shares of BP (BP<\/a>) fell 2.6% in early trading after analysts at Collins Stewart reportedly downgraded the stock on concerns about its joint-venture with Russian oil and gas company Rosneft.<\/p>\n

BP was also under pressure following a report that federal prosecutors are considering whether to pursue manslaughter charges against company managers for decisions made before the Deepwater Horizon oil rig exploded and killed 11 workers last year. <\/p>\n

World markets:<\/b><\/a> European stocks fell in afternoon trading. Britain’s FTSE 100 edged lower 0.1%, the DAX in Germany sank 0.5% and France’s CAC 40 tumbled 0.2%.<\/p>\n

Asian markets ended lower. The Shanghai Composite fell 0.9% and Japan’s Nikkei slid 0.2%, while the Hang Seng in Hong Kong was little changed.<\/p>\n

Currencies<\/b><\/a> and commodities:<\/a><\/b> The dollar rose against the euro, the British pound and the Japanese yen.<\/p>\n

Oil for May delivery slipped 20 cents to $103.78 a barrel. <\/p>\n

Gold futures for April delivery fell $1.90 to $1,418.00 an ounce. <\/p>\n

Bonds<\/b><\/a>:<\/b> The price on the benchmark 10-year U.S. Treasury edged lower, with the yield rising to 3.46% from 3.45% late Monday.\u00a0\"To<\/a><\/p>\n

First Published: March 29, 2011: 9:40 AM ET<\/p>\n

<\/div>\n<\/p>\n

<\/p>\n

More here:
\nStocks are still ‘vulnerable’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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The Dow Jones industrial average (INDU<\/a>) rose 20 points, or 0.2%, led by a 3% jump in shares of Home Depot (HD<\/a>, Fortune 500<\/a>). The home improvement retailer said late Monday that it would buy back $1 billion of outstanding shares. <\/p>\n