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Investors pushed stocks higher for the fourth straight week despite rising interest rates amid disappointing Treasury sales. Renewed concerns regarding the sovereign debt crisis in Europe failed to dissuade optimism on Wall Street.

For the week, the Dow Jones Industrial Average climbed 108.38 points, or 1.01%, finishing at 10,850.36. The S&P 500 added 16.6 points, or 1.44%, ending at 1,166.59. The Nasdaq Composite gained 27.47 points, or 1.16%, closing at 2,395.13.

Even with the dollar appreciating against a basket of currencies due to lingering concerns about Greece’s ability to service its debt, oil held firm settling near $80.11 per barrel on Friday. Energy stocks were the laggards last week, followed by the health care sector, materials and utilities. Discretionary and financial stocks led the way higher, and Apple (AAPL) hit a new all-time high after Credit Suisse raised its price target from $275 to $300.

At the macro level, the economy expanded by a healthy 5.6% during the fourth quarter, coming up just shy of expectations. Still, growth has stabilized thanks largely in part to federal spending and a pickup in discretionary spending.

Consumer sentiment edged higher, according to the Reuters/University of Michigan index which produced a final March reading of 73.6. That was a very modest improvement from the 72.5 mid-month reading.

Sentiment is stabilizing thanks to bullish momentum on Wall Street, covering up sustained weakness in the housing and labor market. New home sales took a dip in February, falling 2.2 percent to an annual rate of 308,000. That followed annual rates of 315,000 in January and 345,000 in December. With foreclosures remaining heightened, the White House has drafted a $14 billion plan aimed at providing lenders with incentives to cut debt and payments for those who are unemployed.

On the labor front, jobless claims fell by 15,000 to 442,000 in the March 20 week, sending the four-week average to a recent low of 453,750. Continuing claims dropped to a near-term low of 4.689 million over the last four weeks. Friday’s labor report should serve to further clarify whether steadily declining jobless claims are being reflected in the aggregate employment picture.

New orders for durable goods strengthened over the past several months. February orders were soft, up 0.5%, but January orders were revised up to a surging 3.9% increase.

In addition to being the end of the quarter, this holiday-shortened trading week is loaded with important news, highlighted by the official unemployment report for March. Macroeconomic data scheduled for release this week includes:

Monday – Personal Income and Outlays (February)
Tuesday – S&P Case Shiller Home Price Index (January), Conference Board Consumer Confidence (March)
Wednesday – Factory Orders (February), Chicago PMI (March), ADP Employment (March), Crude Inventories (Weekly)
Thursday –Jobless Claims (Weekly), ISM Mfg Index (March), Construction Spending (February) , Motor Vehicle Sales (March), Federal Reserve Balance Sheet, Money Supply
Friday – Employment Report (March)

Stocks continue to march higher, hitting a one and a half year high fueled by strong demand for industrials.

After the first two days of trading this week, the Dow Jones Industrial Average climbed 156 points, or 1.45%, to finish at 10,888.83, the S&P 500 added 14.27 points, or 1.23%, ending at 1,174.17, and the Nasdaq Composite gained 57 points, or 2.42%, to settle at 2,415.24.

Health care stocks were a laggard on Tuesday, but still posted another day in the green after President Obama signed a sweeping reform bill into law. Materials joined industrials as a market leader thanks to stabilizing gold, silver, and copper prices. Gold climbed 0.5% to settle at $1,105.20/troy oz, silver added 0.6% ending at $17.04/troy oz, and copper tacked on 0.25 to finish at $3.389/lb.

The resurgent residential real estate market may be showing signs of slowing after the latest existing home sales report. February sales slumped 0.6% compared with January, leading to a sharp increase in seasonal supply. On Tuesday, the FHFA reported seasonally adjusted home prices for federal agency sponsored mortgages declined 0.6% in January, on top of a 2% decrease for December. Although the buyer market does not appear to have been exhausted, federal stimulus and extraordinarily low rates can only prop up the market for so long. Wednesday’s new home sales report should provide further illumination.

Looking ahead, Wall Street will shift its focus from Washington to housing and GDP data, along with key earnings reports due up from Oracle and Best Buy.

Macroeconomic data due up this week:

Wednesday – New home sales (February), durable goods orders (February), oil inventories (Weekly)

Thursday – Jobless claims (Weekly), Federal Reserve balance sheet, money supply

Friday – GDP (Q4), Consumer Sentiment (March)

With a projected population of more than 310 billion Americans by the end of 2010, it is a wonder that there are not more traffic fatalities on U.S highways than what was recently reported. According to the government’s Transportation Department, the number of traffic deaths in 2009 retreated by nearly 9% over 2008’s tally. The 9% decline equates to nearly 3,000 fewer casualties than the previous year’s estimated count of 37,261.

The decline pushed the tally of highway deaths to levels not seen since 1954. Some experts believe that the decease is a direct result of the country’s economic troubles. There are supporting facts for their stand. As the price of crude and gasoline continue to climb higher, travelers and vacationers alike have curtailed their unnecessary road travel.

The overall number of U.S. highway deaths has steadily decreased since 2005, when the total was estimated to be more than 43,500 fatalities. In this year’s report, highway safety officials calculated that the number of fatalities per 100 million miles driven declined to 1.15 in 2009. That figure compares with 2008’s record low of 1.25.

Along with a sluggish economy, the Federal Highway Administration (FHA) revealed that several factors contributed to the decline in traffic deaths. Those factors included an increase in seatbelt usage, which climbed to 84% in 2009, along with local law enforcement upholding traffic laws, and cracking down harder on drunk drivers.

Safety officials have also seen the number of fatal accidents go down as newer cars hit the road. The implementation of side-curtain air bags, in both the front and rear of the car, has greatly improved the odds of surviving a potential deadly crash. A majority of newer cars also possess electronic stability control, which aids the vehicle in avoiding a possible rollover.

The FHA also showed that, despite fewer deaths, motorists traveled more miles, nearly 6.6 billion miles more, than in the prior year. The increase in miles traveled was 0.2% higher than was traveled in 2007 and 2008.
As the third month of 2010 gets into full swing, many Americans remain perplexed and concerned regarding the recent troubles on the highways involving countless vehicles produced by Japan’s top automaker, Toyota Motor Corporation (TM). Since the start of the year, Toyota has been in the spotlight and the light has only gotten brighter during the past several weeks.

With more than 24 million vehicle produced since 2007, Toyota has been knee-deep in recalls, as several vehicle models have been the focal point of braking problems and incidents involving the sticking of accelerator pedals. On January 21 of this year, the Japanese automaker recalled some 2.3 million Toyotas, not include the Prius, because of a pedal issue, which could cause unintended acceleration. To date, there have been more than 8 million Toyotas recalled worldwide.

Just a few weeks later, the company announced another recall, this time for the 2010 Prius, as well as other hybrids, in which the vehicle’s brakes could momentarily fail without warning. Nevertheless, U.S. sales of Toyota’s Prius jumped more than 10% in February, despite the recalls.

Following the recalls, Congress announced that a House panel would be getting involved in the recall matter, as it plans to examine the National Highway Traffic Safety Administration’s (NHTSA) oversight of the auto industry’s safety practices. Several proponents of NHTSA’s actions have fueled a controversy, citing that the government agency has become lackadaisical in enforcing vehicle safety standards from the Japanese automaker.

The NHTSA has already linked some 52 deaths to alleged accelerator problems.
Commenting in the current controversy was David Strickland, the NHTSA’s administrator, “We will be conducting a comprehensive review of electronic throttle technologies across the industry. We also want everyone to know that our agency has the most active defect investigation program in the world.”

Strickland revealed that the agency would also begin looking at push-button start and stop technology more closely to see whether or not that technology is safe for U.S. consumers. Strickland later added that the NHTSA receives more than 30,000 consumer complaints each year. However, in February alone, the agency received more than 10,000 grievances, primarily pertaining to Toyota’s misfortunes.

The NHTSA also remarked that during the past three years, the agency’s investigations have led to more than 23.5 million vehicle recalls involving more than 520 different incidences. Of the more than 23 million recalls, two out of every five complaints involved foreign-made vehicles.

Highly touted and respected American Economist and former Chairman of the Board of Governors of the Federal Reserve from 1987 to 2006. Also, Chairman of the Fed’s principle monetary policymaking committee known as the Federal Open Market Committee (FOMC). Greenspan was the first person ever appointed to chair the Fed for five consecutive terms after his initial appointment by then President Ronald Reagan.

Stocks drifted higher last week on light trading volume as major indices flirted with multi-month highs amid mixed economic data. The Dow and S&P are near 15-month highs, while the NASDAQ surpassed an 18-month high.

Last week, the Dow added 59.49 points, or 0.6%, to close at 10,624.69. The S&P rose 11.29 points, or 1%, ending at 1,149.99. The Nasdaq gained 41.31 points, or 1.8%, to close at 2,367.66.

On the jobs front, the number of newly laid-off workers seeking unemployment benefits slipped last week, as claims fell by 6K to a seasonally adjusted 462K. The recent survey was close to analysts’ projections, which was for an even greater decline to 460K claims. It also marked the second straight weekly decline in initial claims.

Of greater concern though, the number of people continuing to receive jobless benefits advanced by nearly 40K to more than 4.56M claims. However, almost 5.7M people were receiving extended benefits, down from 5.9M the previous week.

Within the housing industry, those who are on the verge of foreclosure may not be out of the woods yet. According to RealtyTrac Inc., the number of U.S. households facing foreclosure increased by 6% in February over last year’s tally, the smallest annual increase in four years.

In the report, more than 308K homeowners received a foreclosure-related notice, although it was down more than 2% from January. That equates to one in every 418 homes receiving a notice.

Banks repossessed nearly 79K homes last month, down 10% from January’s totals, yet still up 6% from February 2009. In 2009 alone, there was a record 2.8M households that were served with a foreclosure notice last year, and that number is expected to eclipse the 3M mark this year.

The U.S. posted its largest monthly deficit in history during February. The imbalance totaled $220.9B, 14% higher than the previous record deficit established in February of 2009. Through the first five months of the government’s fiscal year, the trade imbalance currently stands at $651.6B, nearly 11% higher than this time last year.

With a projected fiscal budget for 2010 potentially hitting an all-time high of $1.56 trillion, February’s report showed outlays of $328.4B and revenues of $107.5B. It was the first time in nearly two years that revenues were up. Through the first five months, revenues totaled $800.5B, 7% lower than from a year ago, while outlays totaled $1.45 trillion, up marginally from a year ago.

The trade deficit unexpectedly contracted in January, as U.S. demand for foreign cars and oil lessened, helping to narrow the trade gap. For the month, the deficit retreated to $37.3B, a 6.6% decrease compared to December’s deficit of $39.9B. On average, economists were looking for the trade gap to have widened to $41B.

In January, U.S. exports declined by 0.3%, as overseas needs for American built aircraft and machinery dwindled. The 0.3% drop left the total amount of exports at $142.7B for the month. Meanwhile, imports plunged by 1.7% in January, as many consumers have curtailed demand for oil and foreign automobiles. With imports declining, that left the overall tally at $180B.

Companies further reduced their inventories at the wholesale level in January, despite sales increasing for the 10th straight month. Wholesale inventories declined 0.2% during the month, following a 1% decrease in December. Economists were looking for inventories to post a modest increase of 0.2%.

Supplies at the wholesale level have declined for 13 consecutive months and have posted a decrease in 15 of the past 17 showings. The two gains in wholesale inventories occurred last October and November. Nevertheless, sales at the wholesale level posted a 1.3% gain in January, its best showing since a 3.6% surge last November.

Business inventories in January remained unchanged, according to the Commerce Department. Companies remain hesitant about restocking their depleted inventories amid a sluggish economic recovery. The unchanged reading in inventories was weaker than the 0.2% gain that economists had anticipated.

Meanwhile, total business sales advanced for the eighth consecutive months, posting a gain of 0.6% in January. The solid showing follows December’s even stronger reading of a 1% increase.

Despite inventories remaining at all-time lows, retail sales posted a surprise increase in February. During the month, sales advanced by 0.3%, its largest increase since last November, while surpassing the 0.2% gain economists had projected.

The 0.3% gain in February followed a 0.1% rise in January. The overall reading was hurt by a 2% decline in auto sales following Toyota’s mass recalls during the past few months. However, excluding autos, retail sales would have posted an even higher 0.8% gain, well ahead of the 0.1% gain economists had forecasted.

Data for this week includes Philadelphia Fed, Empire Manufacturing Survey and the FOMC Rate Decision report for March, Capacity Utilization, Industrial Production, Building Permits, Import/Export Prices, Housing Starts, PPI, CPI, and the Leading Indicator reports for February, net Long-Term TIC Flows for December, the Current Account Balance for the fourth quarter, and weekly results for Initial Claims and Crude Inventories.

On the one-year anniversary of the major indices hitting a 12-year low, the markets remained subdued, as a lack of economic news and corporate earnings to start the week have kept the markets in check.
In corporate news, one of the largest grocery retailers in the U.S., Kroger Co. (KR) made it known prior to the opening bell this morning that the company’s earnings slipped during the 4Q, despite an increase in overall sales totals.
For the quarter, Kroger posted a net profit of $255.4M, or $0.39 per share, compared to a profit of $349.2M, or $0.53 per share, from a year ago, a decrease in net income of nearly 27% year-over-year. Quarterly sales advanced for the grocer, climbing from $17.31B to $18.56B, a jump in revenues of more than 7%.
On average, analysts within the industry were looking for the Ohio-based grocery retailer to post a quarterly profit of $0.34 per share based on total revenues of $17.73B.
During the period, Kroger reported charges related to advertising, warehousing and transportation of $14.38B, up 10% from last year’s tally of $13.09B. However, the company did benefit from a lower LIFO charges, declining from $40.9M a year ago to $1.3M.
David B. Dillon, Kroger’s Chairman and CEO, remarked on the company’s recent performance report, “We are strengthening Kroger’s overall competitive position by increasing the number of households that are loyal to Kroger and earning a greater share of their business.”
For the year, Kroger managed to post an annual profit of $70M, or $0.11 per share, a far cry from last year’s yearly total of $1.25B in earnings, or $1.89 per share. This year’s tally was greatly affected by a $1.05B charge related to write-downs concerning the company’s California-based Ralph’s grocery stores. Excluding the write-off, Kroger would have posted a yearly profit of $1.12B, or $1.71 per share.
Looking ahead to 2010, the company is anticipating full-year earnings to come in between $1.60 and $1.80 per share. Analysts, on the other hand, are projecting Kroger to record a yearly profit between $1.70 and $2.02 per share, with a general consensus of $1.79 per share.
By the sound of the closing bell on March 9, shares of Kroger were trading in the red, giving up $0.55, or 2.4%, to end the session at $22.35 per share. Throughout the past year, shares of KR have traded within a narrow range, reaching a high of $24.80 per share and a low of $19.39 per share.
Operating as one of the leading full-line sporting goods retailer in the U.S., Dick’s Sporting Goods Inc. (DKS) revealed early Tuesday morning that the company recorded a solid profit during the most recent quarter, helped by higher sales.
Reporting for the 4Q, Dick’s booked a net profit of $67.4M, or $0.56 per share, in sharp contrast to last year’s net loss of $105.6M, or $0.94 per share. Last year’s loss was attributed to Dick’s incurring hefty acquisition and integration costs. Sales advanced year-over-year as well, climbing from $1.21B a year ago to $1.34B, an increase in revenues of almost 11%. Additionally, sales recorded at stores open at least one year saw an increase in sales of 2.5% over last year’s totals.
Analysts within the industry were looking for the sporting goods retailer to post a quarterly profit of $0.55 per share based on $1.3B in total sales.
Chairman and CEO, Edward Stack, remarked, “Despite the difficult economic environment of 2009, our associates successfully generated more sales, effectively managed inventory levels, and continued to exercise financial discipline. As a result, we generated higher profits, leveraged expenses, further strengthened our balance sheet and believe we gained market share in 2009.”
For fiscal 2009, Dick’s recorded net income of $135.36M, or $1.15 per share, versus a net loss of $39.87M, or $0.36 per share in 2008. Yearly revenues increased as well, advancing from $4.13B a year ago to $4.41B, a jump in sales of nearly 7%. Analysts were predicting a yearly profit of $1.18 per share on $4.37B from Dick’s.
As for the upcoming year, Dick’s is looking to post a 1Q profit between $0.12 and $0.13 per share, while analysts are predicting a profit of $0.13 per share. For the year, Dick’s is looking to record a profit between $1.32 and $1.35 per share, with analysts expecting $1.32 per share.
Stack later added.”Looking to 2010, we expect to generate double-digit earnings growth and positive operating cash flow while further investing in the long-term growth of the company.”
With the day’s trading complete, shares of DKS were down nearly 1%, losing $0.17 to end the session at $25.45 per share. Throughout the past year, the stock has managed to trade as high as $26.28 per share, while dipping to an annual low of $10.26 per share.
Reporting prior to the start of trading on March 9 was Superior Well Services, Inc. (SWSI), a growing oilfield services company operating in many of the major oil and natural gas producing regions of the U.S. The company’s announcement early Tuesday showed a quarterly loss driven by increased costs and lack-luster sales totals.
For the 4Q, Superior Well Services posted a net loss of $16M, or $0.58 per share, compared to a net profit of $11.8M, or $0.48 per share from a year ago. The lack of revenues played a big part in the company’s dismal performance, as revenues fell more than 40%, from $161,7M last year to $95.9M.
Analysts, on average, were looking for the oil field service company to post a quarterly loss of $0.38 per share based on $94M in overall revenues.
For fiscal 2009, Superior recorded a net loss of $82.6M, or $3.39 per share, well below the previous year’s net profit of $38.7M, or $1.64 per share. Revenues for the year receded as well, falling more than 23% year-over-year to $399.5M. Analysts had predicted a net annual loss for Superior of $2.33 per share based on $398.1M in total sales.
As the markets conclude trading, shares of SWSI were down more than 4% on the day, giving up $0.85 to end the session at $17.11 per share. Within the past year, the stock has fallen to an annual low of $4.11 per share, while reaching a 52-week high of $18.75 per share.
Energy prices reversed their upward trend on Tuesday, curtailing a month-long run in oil prices as a stronger Dollar pushed prices lower. By the close of trading, the price for a barrel of light, sweet crude for April delivery slipped $0.38 to settle at $81.49. The current contract added $0.37 to settle at $81.87 a barrel on Monday.
In additional NYMEX trading, heating oil slipped $0.0157 at $2.0898 a gallon, while gasoline fell $0.0289 to $2.2603 a gallon. April natural gas futures dropped $0.011 to $4.516 per 1,000 cubic feet.
Despite a strengthening Dollar, Treasury prices were higher Tuesday. With the day’s trading complete, the benchmark 10-year note was higher, adding 3/32 to 99 13/32, with a yield of 3.69%, down 0.01% from the day before.
The longer maturing 30-year note was up on the day as well, gaining 6/32 to 99 5/32, as its yield declined to 4.67% from the previous session’s 4.68%. Lastly, the shorter maturing 2-year note was marginally higher, adding 1/32 to 99 31/32, while its yield decreased by 0.02% to 0.87%.
The Forex markets saw the Dollar trade higher versus the majority of the world’s currencies, as the 16-nation Euro declined against the greenback, buying $1.3601, lower than the previous session’s price of $1.3633. The British pound also decreased versus the Dollar, as the Sterling slipped from $1.5072 to $1.4998.
However, the Dollar did decrease in value against the Japanese yen, buying 89.95, down from Monday’s value of 90.25. In additional trading, the Dollar climbed to 1.0751 Swiss francs from 1.0736 but slipped to 1.0261 Canadian dollars from 1.0277 Canadian dollars.
By the sound of the closing bell on March 9, the Dow Jones Industrial average added 11.86 points, or 0.1%, to end the day at 10,564.38, while the broader market indicators concluded the session in the green as well.
The S&P 500 index was higher, gaining 1.95 point, or 0.2%, to finish at 1,140.44, while the tech-heavy NASDAQ composite index advanced as well, adding 8.47 points, or 0.4%, to 2,340.68.

Tuesday marked the 1-year anniversary of the bear market bottom when the market hit a 12-year low on March 9, 2009. The S&P has advanced nearly 70% since then and Tuesday’s closing price marked the highest level on the NASDAQ since September 2008.

Following the first two trading days this week, the Dow Jones edged down slightly to 10,564.38, while the S&P 500 is up 0.2% to 1,140.44, and the tech-heavy NASDAQ increased 0.6% to finish at 2,340.68.

There was little in the way of widely-followed economic data at the start of the week. In a lesser-known economic report, consumer confidence slipped in March to its lowest level in nearly a year, as high unemployment and a stalled recovery have dampened sentiment. The Investor’s Business Daily and TechnoMetrica Market Intelligence survey revealed that their IBD/TIPP Economic Optimism Index retreated to a reading of 45.4 in March, down from February’s reading of 46.8.

Looking further inside the IBD/TIPP index, a measurement of the personal financial outlook slipped by more than 5% to a reading of 50.7 in March, while the index’s six-month outlook dropped 4.7% to a reading of 46.4. Although the six-month outlook looks bleak, it still remains 14.3 points higher than its lowest reading set back in December 2007.

The Labor Department revealed on Tuesday that the number of job openings in January increased substantially. Openings have risen more than 7.5% to 2.7M, compared to December’s reading. Meanwhile, the job-opening rate, which measures available jobs as a percentage of total employment, increased by 2.1%.

The data also showed that there are currently about 5.5 unemployed workers competing for each job opening. Although the number is slightly better than the six people per job opening in December 2009, it still remains well above the 1.7 people per opening that was observed prior to the start of the economic recession.

As the driving season approaches, motorists could face a substantial increase in the price of gasoline. To kick of the week, the average retail price for gas has already matched its yearly highs in 2010, and could be well on its way to topping $3 a gallon by the spring.

By Tuesday, the national average price of gasoline advanced $0.006 to $2.759 a gallon, surpassing its yearly high of $2.7583 established on January 14. Within the last month, prices have increased by $0.102 and are now $0.814 higher than the price from this time last year.

The recent surge in prices was a direct result of the 18% increase in oil prices over the past month, which has pushed the price of crude to near its 2010 high of $83.95 a barrel. As of March 9, the price for a barrel of light, sweet crude for April delivery was priced at $81.49 a barrel.

The Forex markets saw the dollar trade higher versus the majority of the world’s currencies. The 16-nation Euro declined against the greenback, buying $1.3601, lower than the previous session’s price of $1.3633. The British pound also decreased versus the dollar as the sterling slipped from $1.5072 to $1.4998. However, the dollar did decrease in value against the Japanese yen, buying 89.95, down from Monday’s value of 90.25.

Macroeconomic data picks up in the latter half of the week featuring Wholesale Inventories, Trade Balance and Business Inventory reports for January, weekly results for Initial Claims and Crude Inventories, the Treasury Budget and Retail Sales reports for February, and the Michigan Sentiment report for March.

Autoregressive – Also known as forecasting, it is the act of taking past data and using that information to make educated guesses or predictions into future events or values within the stock markets.