Wall St slips but S&P up for 3rd straight week

NEW YORK — The S&P and Nasdaq notched their eighth week of gains out of the last nine, but momentum ran out on Friday as stocks ended the day lower in a thinly traded session.

Energy shares were the big losers in the broad decline, falling alongside crude oil prices, though other cyclical groups, including industrials and financials, also lost altitude.

The S&P 500 has gained almost 9 percent since the beginning of the year. But mixed economic data and tensions between Iran and Israel have given investors few reasons lately to chase the market higher after three straight winning weeks for the benchmark index.

"We're in a small pullback, but that's to be expected after a very strong rally," said David Kelly, the chief market strategist for JPMorgan Funds in New York, who added that he considered stocks cheaper than other asset classes like bonds.

"Unless something major happens, we'll continue to move up," he said. "It's like we're trying to find our way around a dark room: We're making progress, but slowly because of all the uncertainty out there about Europe and the Middle East."

The day's strongest sector was telecom, which rose 0.5 percent. The group, which is considered a defensive play, was led higher by AT&T Inc, up 0.8 percent at $30.87, and Verizon Communications, up 0.6 percent at $38.67. Both stocks are Dow components.

The Dow Jones industrial average dipped 2.73 points, or 0.02 percent, to 12,977.57 at the close. The Standard & Poor's 500 Index slipped 4.46 points, or 0.32 percent, to 1,369.63. The Nasdaq Composite Index shed 12.78 points, or 0.43 percent, to close at 2,976.19.

For the week, the Dow inched down 0.05 percent, while the S&P 500 rose 0.3 percent and the Nasdaq added 0.4 percent. On Tuesday, the Dow closed above 13,000 for the first time since May 2008, though it has subsequently struggled to maintain that level.

"I'm a little dubious of the prospect of staying above 13,000," said Tim Speiss, head of personal wealth advisors at EisnerAmper in New York. "I expect we'll see more volatility at this level, and a significant uptick from these levels isn't warranted."

Investors kept a close eye on oil prices, which have risen more than 15 percent since the start of February. A steep rise in crude and gasoline prices could cut into consumer spending and damage the economic recovery.

"We're already at the level where crude prices are a concern for economic growth," Speiss said.

US crude oil futures fell more than 2 percent, or $2.14, to settle at $106.70 a barrel a day after hitting a 10-month high above $110 on supply concerns in the Middle East.

The decline hit energy shares, sending the S&P energy sector index down 1.1 percent. Peabody Energy fell 6.5 percent to $32.89 while Exxon Mobil Corp declined 0.6 percent to $86.33.

The market capitalization of Exxon, at $409.25 billion the second-largest US company, is now almost $100 billion less than Apple Inc, the biggest US company.

Aides to US President Barack Obama and Israeli Prime Minister Benjamin Netanyahu are scrambling to bridge differences over what Washington fears could be an Israeli attack on Iran's nuclear sites, a concern at the heart of the recent spike in oil prices. Both leaders will meet on Monday.

The US dollar's strength against the yen and the euro could continue to pressure oil and other commodity prices.

Yelp Inc's stock surged as high as $26 per share in its debut, up more than 70 percent from its IPO price. The initial public offering was priced at $15 a share, above the expected price range, valuing the US consumer review website at nearly $900 million. Shares closed their first day of trading at $24.58, up 63.9 percent.

Wynn Resorts Ltd retracted an announcement that it had advanced a major project in Macau, saying it had been made in error after its shares surged on the news. Wynn Resorts' shares closed 4.3 percent higher at $127.27 after being halted earlier in the session.

US food and drink maker Sara Lee Corp will pay a special $3 dividend after it completes the spin-off of its coffee and tea business, expected by the end of June. Sara Lee's shares shot up 7.1 percent to $21.83.

Shares of Shutterfly Inc jumped 16.5 percent to $31.36 after bankrupt Eastman Kodak agreed to sell its online photo services business to Shutterfly for $23.8 million.

Volume was light, with about 6.02 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's daily average of 7.84 billion.

Nearly two-thirds of the shares traded on the New York Stock Exchange closed in negative territory, while on the Nasdaq, 68 percent of stocks closed lower. — Reuters

source: gmanetwork.com

ABC's of Getting a Home Mortgage Loan With The Current Economic Situation

With the current economic situation, a home equity loan is a good way for homeowners to access the cash potential of your home. Equity loan describes the money you borrow money from a seller who is willing to get the value of your home and suggest to the owners in the United States. It is a type of loan that makes the home equity as collateral for borrowing money. Lenders use their houses as collateral to convert monetary values for the various expenses such as house renovation, house remodeling, consolidation loans, etc. ....

 
The mortgage loans generally carry a lower interest rate loan you can get. The reason for this is that the risk for the lender is lower due to the type of guarantees that the loan is secured by. A home equity loan is seemingly an easy source of cash for the owners. Interest rates on home equity may not always be as low as your first mortgage, but they fall as much as that charged on your credit card or personal loan. If you choose a home equity loan, you must have a good idea of ??how much money to borrow. You will want enough to cover all costs of remodeling.

Choosing the right mortgage loan is an unpleasant task that every borrower has to do to ensure satisfaction and financial security. Be cautious and aware of the loan application of these costs if you can not pay the loan amount at the right time, you may lose your house that you did as collateral. Interest rates and monthly payments will remain fixed for the duration of the loan.

If you choose an adjustable rate mortgage, your monthly payment and interest rate will go up or down depending on the interest rate market. If interest rates rise, so your monthly payment. If you fall, your monthly loan payment will also be reduced.

Fixed rate home equity loans are perfect for those who are trying to borrow a large amount of money to finance home improvements at reasonable prices and usually takes place within 15 years. Choosing a fixed rate mortgage loan capital and get your money once, will not be tempted to borrow from the account again and gives the owner a certain budget of income and not worry about possibility of further payment.

Fixed rates give a guarantee to borrowers and stability. It is a good option when rates are low, fixed rates are a risk-free option.