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Indexes Break Losing Streak, Microsoft Backs off Yahoo, Lehman Cleans House

By David Goodboy | TradingMarkets.com
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US stock indexes broke their losing streak today during a volatile session. The DJIA finished up +57.81 to 12141.58, the Nasdaq climbed +10.34 to 2404.35, and the S&P 500 advanced +4.38 ending the day at 1339.87.

Microsoft (MSFT | Quote | Chart | News | PowerRating) gained 4.20% or $1.14 to $28.26 on the news of their backing off from the Yahoo deal.

Yahoo (YHOO | Quote | Chart | News | PowerRating) collapsed 10.13% or $2.65 to $23.50 on the news that Microsoft decided not to continue with the acquisition.

Corn Products International (CPO | Quote | Chart | News | PowerRating) - South Americas largest corn processor gave back 10.25% or $4.73 to $41.40/share after being downgraded to "perform" by BMO Capital Markets.

KeyCorp (KEY | Quote | Chart | News | PowerRating) spiked down 23.74% or $3.73 to $11.98 after cutting its dividend in half and losing a tax case.

Gold gave back $10.90 to 872.00/oz, Oil eased ahead .33 cents to $136.71, and the Dollar gained against the Euro.

Market Snapshot

Dow

+57.81 12141.58

NASDAQ

+10.34 2404.35

S&P 500

+4.38 1339.87

Economic News

Durable Orders (Apr): Actual -0.5%, Consensus -1.5%

Chain Deflator-Prel. (Q1): Consensus 2.6%, Prior 2.4%

GDP-Prel (Q1): Consensus 0.9%, Prior 0.6%

Initial Claims (05/24): Consensus 370K, Prior 365K

Crude Inventories (05/24): Consensus NA, Prior -5317K

Personal Income (Apr): Consensus 0.2%, Prior 0.3%

Personal Spending (Apr): Consensus 0.2%, Prior 0.4%

PCE Core Inflation (Apr): Consensus 0.1%, Prior 0.2%

Chicago PMI (May): Consensus 48.5%, Prior 48.3%

Mich Sentiment-Rev (May): Consensus 59.5, Prior 59.5%


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