BT WEEKEND biznewz4u

Wall Street Ends Volatile Session Mixed, GE Jumps
US stocks finished mostly higher on Friday after a rally in energy stocks helped offset the weakness in technology sector.The Dow Jones Industrial Average rose 32.50 points or 0.49% to finish at 6,626.94. The S&P 500 increased 0.83 points or 0.12% to 683.38. The Nasdaq Composite subtracted 5.74 points or0.44% to end at 1,293.85.

For the week, Dow was down 435.59 points or 6.17%. S&P fell 51.71 points or 7.03%, while Nasdaq Composite settled with a weekly loss of 83.99 points or 6.49%.

• A Labor Department release on Friday showed the economy shed 651,000 jobs in February, worse than the 650,000 job losses expected by economists. The unemployment rate shot up to 25 year high of 8.1% in February from 7.6% in January. Economists had projected a reading of 7.5%.General Electric (NYSE: GE) climbed 40 cents or 6.01% to $7.06 after analysts at Merrill Lynch and BernsteinResearch said that the diversified firm may not have to raise additional capital.


• Among financials, Wells Fargo & Co. (NYSE: WFC) jumped 49 cents or 6.03% to $8.61 after it cut its quarterly dividend by 85% to 5 cents a share from 34 cents a share in an effort to save $5 billion annually.


• JP Morgan (NYSE: JPM) plunged 67 cents or 4.04% to $15.93.Shares of General Motors Corp (NYSE: GM) sank 41 cents or 22.04% to $1.45 on persistent worries about its survival.
  
• Energy stocks rallied after crude oil rose to a five week high. Exxon Mobil (NYSE: XOM) rose $1.81 or 2.91% to $64.03. Chevron Corp. (NYSE: CVX) surged $1.81 or 3.21% to $58.27.


• Dow Chemical Co. (NYSE: DOW) rose 64 cents or 9.89% to $7.11. In a joint statement on Friday, Dow Chemical Co. and Rohm and Haas (NYSE: ROH) said that they were in discussions about their disputed $15 billion merger. Shares of Rohm and Haas gained $9.79 or 18.13% to $63.80.
  
• Among technology stocks, shares of Apple (NASDAQ: AAPL) fell $3.54 or 3.98% to close at $85.30 after JP Morgan Securities cut its second quarter and fiscal 2009 earnings and revenue estimate citing a deepening economic downturn. Genentech Inc. (NYSE: DNA) advanced $9.22 or 11.29% to $90.86 after Roche Holding has raised its bid for South San Francisco based company to $93 a share from its earlier offer of $86.50 per share.
  
• European stocks settled mixed. The U.K. FTSE rose 0.87 points or 0.02% to close at 3,530.73. The German DAX and French CAC dropped 0.79% and 1.37% respectively.Asian stocks finished lower. The Nikkei 225 fell 260.39 points or 3.50% to 7,173.10. The Hang Seng index of Hong Kong dropped 289.72 points or 2.37% to 11,921.52.NYMEX crude oil for April delivery climbed $1.91 or 4.4% to settle at $45.52 a barrel.
  
  
  
  Forex: The USD/JPY testing the 98.00 resistance
  After it has been traded at the 97.65/90 the last two hours, the USD/JPY looks ready to launch a new assault to the 98.00 resistance level, currently, the pair is trading around the 97.85/95 band.The previous USD/JPY rally after US NFP and unemployment data from the 96.70 passed the 98.00 but it was capped at 98.25 and rejected to the 97.55 level.If the pair breaks the 98.00, it will go up to the 98.25 resistance and 98.50 before to launch a new attempt to take the 99.00 position.In the downside, the pair could go down to the 97.50 support and below that, falls to the 97.00 and 96.50 important levels.
  
  
  
  
  Forex: The EUR/USD is fighting the 1.2660 again
  The EUR/USD has been rejected by the 1.2630 support level after falls near to 120 pips from the 1.2750 resistance. Currently the pair is fighting to be above the 1.2660 level again.Along the European and American sessions, the EUR/USD has been trading between the 1.2730 and 1.2650 channel, but the 1.2660 looks like an important level to find a par direction. Currently, the pair is trading around the 1.2650/70 band, if the pair hold above the 1.2660 level successfully, the EUR/USD will go up to break the 1.2685 before to launch a new assault to the 1.2750. After that, 1.2800 looks like another important level.On the downside, if the bearish momentum is the winner and the pair falls below the 1.2660, the EUR/USD will look support at 1.2630 and 1.2560 before to try to break the 1.2500 important level.
  
  
  
  Forex: GBP/USD falls below 1.4100
  The Cable has extended its losses after be rejected by the 1.4300 resistant level and right now is trading below the 1.4100.The GBP/USD has fallen around 220 pips from the 1.4306, March high, to the 1.4075, today's minimum, and the momentum looks bearish and oversold for the pair. Currently, Cable is trading around the 1.4075/95 band.If the bearish movement is confirmed, the pair could go down to try to break the 1.4030, yesterday's low, the 1.4000 down line and below that, the 1.3955 as monthly low.
  
  
  

Crude Oil Futures
April crude oil closed higher on Friday and is poised to extend the rally off February's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If April extends Wednesday's rally, February's high crossing at 47.99 is the next upside target. Closes below Tuesday's low crossing at 39.44 would temper the near-term friendly outlook in the market. First resistance is Wednesday's high crossing at 45.76. Second resistance is the reaction's high crossing at 47.99. First support is the 20-day moving average crossing at 42.28. Second support is Tuesday's low crossing at 39.44.