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Stocks fluctuated Friday as investors tried to reconcile some mixed economic data.
The group representing Chicago-area purchasing executives reported a much steeper drop in Midwest business activity than analysts predicted. The Dow Jones industrial average, after rising in the first minutes of trading, turned lower.
The data followed the Commerce Department's report on first-quarter gross domestic product. The GDP's contraction of 5.7 percent was slightly larger than analyst forecasts, and personal spending was revised lower. But the drop was smaller than the 6.1 percent estimated last month, and the data showed corporate profits rising.
On the last day of trading in May, the Dow is still on track for a third straight monthly gain. The index would have to drop 236 points Friday to finish the month lower.
May, however, has been the shakiest month since the market's rally began in early March. Investors' enthusiasm about the economy's stabilization is turning into skepticism about how strong growth will really be once a bottom is hit.
New worries are weighing on investors: Climbing interest rates, a weaker dollar and rising commodity prices. Crude oil prices recently hit a six-month high above $65 a barrel, while the dollar on Friday sank to multi-month lows against the euro and British pound. Some analysts say these developments are simply the consequence of a recovery in the economy and the financial markets, but others warn these trends could threaten the economy's health in the long-term.
Another more short-term obstacle for the market is General Motors Corp.'s expected bankruptcy filing on Monday, the automaker's restructuring deadline. The market has been factoring in the likelihood of a GM bankruptcy for months, but investors still are unsure what the fallout might be for auto suppliers and other companies.
In early trading Friday, the Dow slipped 10.67 points, or 0.1 percent, to 8,393.13. The Standard & Poor's 500 index fell 0.45, or 0.1 percent, to 906.38. The Nasdaq composite index fell 1.40, or 0.1 percent, to 1,750.39.
Yesterday's Top Performing Small Cap stock:
U.S. Geothermal, Inc. (AMEX: HTM | Quote | Chart | News | PowerRating) was a SmallCapVoice.com top performer moving up over 2% on trading volume of 626,084 shares.
U.S. Geothermal is a renewable energy development company that is operating geothermal power plants at Raft River, Idaho and at the San Emidio Desert in Nevada. The Neal Hot Springs project in eastern Oregon is being developed and is expected to be operational in 2011. The San Emidio project is currently under development to replace the existing old power plant with a new efficient plant. U.S. Geothermal holds, through ownership or lease, geothermal rights of lands that comprise the Raft River project in Idaho, San Emidio, Granite Ranch, and Gerlach in Nevada, and the Neal Hot Springs project in Oregon.
Today's SmallCapVoice.com Hot Stock to Watch:
Defense Solutions Holdings, Inc. (OTC BB: DFSH)
Defense Solutions Holdings, Inc. is headquartered in Exton, PA with offices on four continents. Established in 2001, Defense Solutions' founding corporate philosophy is to deliver the world's best solutions to our service members so they can perform their jobs with minimal risk. Defense Solutions has consulted with and worked for US Federal and State departments and agencies, the White House, and international allied organizations including the Iraqi Ministry of Defense, the North Atlantic Treaty Organization (NATO), and the Multi-National Force in Iraq to devise and implement strategies supporting armed forces and civilian programs. Many of these programs directly support US and allied soldiers in combat and veterans in retirement. Defense Solutions' European office maintains exclusive agreements with European partners to deliver several world-class technologies and capabilities to US and allied nations to include new production and retrofit of armored and combat vehicles, spare parts, and ammunition, supported by end-to-end integrated logistics, training, and maintenance solutions.
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