Thursday, June 16, 2011

Wall Street Ends Volatile Session Mixed, General Electric (NYSE: S) Gains

US stocks finished mixed on Thursday as inveastors remained cautious amid aging uncertainty about Greece.

The Dow Jones Industrial Average rose 64.25 points, or 1.54%, to finish at 11,961.52. The S&P 500 increased 2.22 points, or 0.18%, to close at 1,267.64. The Nasdaq Composite decreased 7.76 points, or 0.29%, to 2,623.70.

The Labor Department reported Thursday that jobless claims declined by 16,000 to 414,000 in the week ended June 11. Economists had expected claims to drop to 421,000.

Meanwhile, the Commerce Department reported that housing starts rose 3.5% in May to a seasonally adjusted annual rate of 560,000. Building permits rose 8.7% to a seasonally adjusted rate of 612,000. Both the data beat expectations. 

Ford Motor Co. (NYSE: F) slumped 32 cents, or 2.43%, to $12.83 on Thursday after the Wall Street Journal reported that Ford VP and Controller Robert Shanks said told analysts yesterday that the company’s second quarter profits  will probably be about the same or a little lower than the first quarter, which would put its second quarter profit below Wall Street estimates. The company also expects pre-tax profits to shrink in the second half of the year, as Ford spends more on growing its brands and commodities and seasonal costs  rise.

Finisar Corp. (NASDAQ: FNSR) sank $2.89, 0r 16.30%, to $14.84 on Thursday a day after the company reported disappointing earnings report and offered downbeat outlook.  

Shares of General Electric Co. (NYSE: GE) rose 20 cents, or 1.10%, to close at $18.44. 

European stocks closed lower. The UK FTSE dropped 43.74 points, or 0.76% to 5,698.81. The German DAX and French CAC decreased 0.07% and 0.38% respectively.

Asian stocks finished down. The Nikkei 225 declined 163.04 points, or 1.70%, to 9,411.28. The Hang Seng index of Hong Kong fell 390.66 points, or 1.75%, to 21,953.11.

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