Friday, August 2, 2013

S&P 500 closes above 1,700 points for first time

NEW YORK (AP) ? Stocks roared back to record highs on Thursday, driven by good news on the economy.

The Standard & Poor's 500, the Dow Jones industrial average and the Russell 2000 index set all-time highs. The S&P broke through 1,700 points for the first time. The Nasdaq hit its highest level since September 2000.

The gains were driven by a steady flow of encouraging reports on the global economy.

Overnight, a positive read on China's manufacturing helped shore up Asian markets. An hour before U.S. trading started, the government reported that the number of people applying for unemployment benefits last week fell sharply. At mid-morning, a trade group said U.S. factories revved up production last month. And while corporate earnings news after the market closed Wednesday and throughout Thursday brought both winners and losers, investors were able to find enough reports that they liked, including those from CBS, MetLife and Yelp.

"It's just a lot of things adding up," said Russell Croft, portfolio manager of the Croft Value Fund in Baltimore. "It's hard to put your finger on why exactly, but basically it's a bunch of pretty good data points coming together to make a very good day."

Overall, analysts said, the news was good but not overwhelmingly so. Enough to suggest that the economy is improving, but not enough to prompt the Federal Reserve to withdraw its economic stimulus programs.

Earnings results covered a wide range. Boston Beer, which makes Samuel Adams, and home shopping network operator HSN rose after beating analysts' estimates for earnings and revenue. Kellogg, health insurer Cigna and cosmetics maker Avon were down after beating earnings predictions but missing on revenue.

It's becoming a familiar template this year. Stock indexes have been setting record highs since April even while the underlying economy is often described as improving, but hardly going gangbusters.

While layoffs are steadily declining, companies aren't hiring as quickly as they did before the financial crisis and Great Recession. The economy is growing, but not fast enough to drive significant job growth. The Commerce Department reported this week that gross domestic product, or GDP, the broadest measure of the economy, grew at a tepid annual rate of 1.7 percent in the second quarter.

"They're not great numbers, but they're positive and they're continuing to grow," said Tim Courtney, chief investment officer of Exencial Wealth Advisors in Oklahoma City. "That's about all the market needs to hear."

Because the stock market often looks ahead 6-9 months, it's not unusual for stock indexes to be ahead of economic indicators, when the economy is improving or worsening. Right now, stock investors may be anticipating a stronger economy and better earnings next year.

Among Thursday's stock index records: The S&P 500 index rose 21.14 points, or 1.3 percent, to 1,706.87. The Dow rose 128.48 points, or 0.8 percent, to 15,628.02. The Russell 2000 index of small-company stocks rose 14.62 points, or 1.4 percent, to 1,059.88.

The S&P is now up 19.7 percent for the year, the Dow 19.3 percent and the Russell 24.8 percent.

The Nasdaq composite index rose 49.37 points, or 1.4 percent, to 3,675.74, in line with the daily gains of other indexes but still far short of its record. The Nasdaq, which is heavily weighted with technology stocks, briefly veered above 5,000 points in March 2000, just before the Internet bubble burst.

Investors said Thursday that the S&P's crossing over 1,700 points might give consumers a psychological boost, but they were hardly crowing about a new era in stocks. Turns out it's quite common for indexes to hit records. Since 1950, the S&P has hit a high about 7 percent of the time, or an average of about every 15 days, Courtney said. The S&P's last record close was just eight trading days earlier, on July 22.

The S&P made the jump from 1,600 to 1,700 in less than three months. The index first traded above 1,600 on May 3. The first close above 1,500 was in March 2000.

The market's sharp advance Thursday was a stark contrast with the previous two days, when the S&P 500 moved less than a point each day. On Tuesday, investors didn't want to make big moves ahead of the Federal Reserve's policy announcement the next day. On Wednesday, the Fed didn't make much news after all. The central bank said, unsurprisingly, that the U.S. economy was recovering but still needed help. The Fed didn't give any indication of when it might cut back on its bond-buying program, which has been supporting financial markets and keeping borrowing costs ultra-low.

Among the good economic and corporate news that cheered investors Thursday:

? China's purchasing managers' index ? a gauge of business sentiment ? rose to 50.3 in July from 50.1 in June. Analysts had expected a modest decline below 50.

? The Labor Department said that the number of Americans applying for unemployment benefits fell 19,000 to 326,000. That was the fewest since January 2008, one month after the Great Recession started in December 2007.

? The Institute for Supply Management, a trade group of purchasing managers, said its index of manufacturing jumped to 55.4 in July, up from 50.9 in June and well above an expected reading of 51.8. A number above 50 indicates growth.

? Auto companies reported strong sales gains for July. Ford, Chrysler and Nissan each reported U.S. sales growth of 11 percent compared with the same month a year ago.

An index of transportation stocks also rose sharply. Many investors see that sector as a leading indicator for the economy because freight and shipping companies tend to get busier as the economy improves.

The Dow Jones Transportation average jumped 208.26 points, or 3.2 percent, to 6,670.06, led by a surge in Con-way, a Michigan-based freight company that reported earnings Thursday that were far higher than investors expected. Con-way rose $4.34, or 10.5 percent, to $45.79.

The price of crude oil rose $2.86, or 2.7 percent, to $107.89 a barrel. Gold slipped $1.80 to $1,311.20 an ounce. The dollar rose against the euro and the Japanese yen.

The yield on the 10-year Treasury note rose sharply, to 2.72 percent from 2.58 percent late Wednesday. That means investors were selling U.S. government debt securities, possibly over fears that rates will go higher as the economy strengthens and they'll lose more money. When yields rise, the value of bonds falls.

Among stocks making big moves:

?Sprouts Farmers Markets more than doubled on the company's first day of trading, jumping $22.11 to $40.11 ? another sign that investors are becoming more comfortable taking on risk.

?Yelp soared $9.70, or 23.2 percent, to $51.50. The consumer review website continued to lose money in its latest quarter, but it sold more ads and drew more visitors.

?Exxon Mobil fell $1.02, or 1.1 percent, to $92.73, after reporting lower earnings as oil and gas production slipped. Profit margins on refining oil also fell.

___

AP Markets Writer Steve Rothwell contributed to this story.

Source: http://news.yahoo.com/p-500-closes-above-1-700-points-first-204607609.html

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The Republican Push to Make it Harder to Vote (Atlantic Politics Channel)

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NCAA taking flexible approach to tourney games

INDIANAPOLIS (AP) ? The NCAA announced changes Thursday to the way it will select teams for the men's basketball tournament, adding flexibility in hopes of keeping teams properly seeded.

The selection committee voted last week to change the bracketing principles in hopes of keeping teams where they naturally belong, Chairman Ron Wellman told reporters. In previous years, the committee has had to move a team up or down one or two lines to accommodate rules such as when conference teams can meet in the tourney.

Previously, conference teams couldn't meet until the regional final ? unless a conference had nine teams in the field.

The move comes in the wake of realignment that has seen league numbers swell over the past few seasons and has made the old rules difficult to navigate. The Big East, for instance, had 11 teams make the tournament in 2011 and 2012, and with more league expansion, conflicts seemed more likely to pop up.

The changes will not affect which teams get into the tourney. But they will allow conference teams that have played only once during the season ? including league tournaments ? to meet as early as the third round. Teams that have played twice will not face one another until the regional semifinals and teams that have played three times cannot meet until the regional championship.

Most of the conflicts didn't show up until the Sunday of selection weekend, when the bracketing debate is going full bore.

"It was a real struggle because we feel the seed lines are really important to the competitiveness of the tournament. The committee spends hours scrubbing the seeds," Wellman said. "We compare No. 1 to No. 2, No. 2 to No. 3, so on right through No. 68. At the end of the day, we feel that the seeds are in proper order. ... Then we go to bracketing, and oftentimes we move a team either within the line or we have moved a team two lines a couple of years ago, and a number of teams one line. So there was great discomfort with that."

During the call, NCAA spokesman David Worlock noted that in recent years, two teams were dropped two lines ? Marquette in 2007 and Brigham Young in 2012. Wellman also said there was a long debate in the selection room last year regarding Oregon, which wound up with a No. 12 seed and played in one of the First Four games at Dayton, Ohio.

The concern is that by moving teams from line to line across the field, it impacts the entire 68-team tournament.

"The debate was considerable as to what we should do and what was best for not only Oregon but the tournament, and of course the teams that were going to be playing Oregon," Wellman said. "When you move a team off of its seed line, you're not only affecting that team, but you are affecting the team that it plays and the teams that it might eventually play. So it has a tremendous impact."

To see how the new guidelines would work, NCAA staffers looked at the last three tourneys and found 90 percent of the moves were eliminated.

The biggest fans of the change might be coaches, who expressed their concerns this summer in a meeting between Wellman and representatives of the National Association of Basketball Coaches.

What else will be different?

Top teams from the same conference could find themselves playing in the same region sooner than in the past.

Under the old rules, the committee was barred from placing more than two teams from one conference into the same region unless that league had at least nine teams in the field, and the top three teams from a conference had to go into different regions.

Now, committee members will get more flexibility. The top four teams from each conference will be separated by region only if they appear among the top 16 overall seeds, the top four in each region.

Committee members also voted to try and avoid non-conference rematches during the First Four and the second round, and agreed to relax the rules if two or more teams from the same conference are among the last four at-large bids. Those last four would meet in the First Four.

The committee also discussed imposing a deadline for when information would no longer be considered, a move that likely would lead to playing league championship games earlier in the day or week. That was rejected.

The overall goal remains the same: Making the NCAA's marquee championship event even better.

"We do believe that the seed lines are going to be honored to a greater extent, much greater extent, than they have been in the past," Wellman said. "The coaches and other groups have overwhelmingly supported the concept of honoring seed lines as a priority going forward."

Source: http://news.yahoo.com/ncaa-taking-flexible-approach-tourney-games-181439771.html

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Top 10 College Baseball Stadiums: Dudy Noble Field at Polk-Dement Stadium (Mississippi State)

? August 1, 2013Posted in: CBD Column, SEC

NobleStadiumWhile college baseball season might be over, College Baseball Daily is keeping you covered by counting down the Top 10 Stadiums in the country. Each day we?ll have a different stadium, including the history and fun facts, until we reach the number one stadium in all of college baseball. We continue our countdown today at number two with Mississippi State?s Dudy Noble Field at Polk-Dement Stadium.

As if the SEC needed another stadium on this list, Mississippi State?s Dudy Noble Field definitely deserves the number two spot on this countdown. Not only is Starkville a wonderful place to be, Dudy Noble offers one of the best college baseball experiences, according to many sources. The stadium was opened in 1967 and boasts the names of Ron Polk, longtime State coach, Gordon DeMent, a long time Diamond Dawg fan, and Dudy Noble, who served as coach and athletic director at State. If you?re looking for a fun atmosphere, then Dudy Noble is definitely the place to be. To start, there is the famed Left Field Lounge, which was named the best tailgating experience among all stadiums back in 2009 and the number one best big game atmosphere by Eric Sorenson in 2012. In the weeks leading up to baseball season, trailers and large wooden structures start to appear in the fence behind the outfield. There?s the Left Field Lizards and the Right Field Rowdies, all enjoying the Diamond Dawgs from behind their grills and red solo cups, ringing their cowbells and even starting a new tradition at State: Roll Call. Taken from a page at Yankee Stadium, the folks in Left Field Lounge start up the roll call, trying to get each player to acknowledge the fans. Then of course, there?s the cowbells that are ever present at ?The Dude,? as it is so affectionately named by fans. Dudy Noble is not only a fun spot to watch a game, it?s also a great place for the postseason to come alive. State has hosted five SEC tournaments, 12 Regionals, and one Super Regional back in 2007. In addition to being wonderful hosts, Dudy Noble also holds seventeen NCAA On-Campus attendance records, including the top ten spots; the current record stands at 14,991 which was set back in 1989 against Florida. During the 2013 season, Dudy Noble attracted an average of 7,617 fans, giving them the fourth best record in Division I. An atmosphere that cannot be topped and a baseball team that plays like a national championship contender, Dudy Noble should be one of the top spots on every baseball enthusiasts list of places to visit in their lifetime.

You can check out the rest of the Top 10 by clicking here.

About Kate Moser

Kate is a graduate of Mississippi State University, where she studied broadcasting and worked for athletic media relations. Writing and sports have always been the two biggest loves in her life. She joins College Baseball Daily in 2013 as a SEC contributor. She can be reached by email at Kate.Moser (at) collegebaseballdaily (dot) com and on Twitter @TheKateMoser

Source: http://feedproxy.google.com/~r/CollegeBaseballDaily/~3/Z1T2a90wcfM/

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Florida governor defends resigning education chief

TALLAHASSEE, Fla. (AP) ? Florida Gov. Rick Scott is defending the state's resigning education commissioner, saying he did a good job.

Scott's statement to reporters in South Florida came at the same time as a news conference in Tallahassee where Education Commissioner Tony Bennett announced his resignation.

The resignation comes days after The Associated Press reported that Bennett had changed the grade of a political donor's charter school when he was Indiana's education chief.

Scott said that he did not fire Bennett and that he resigned on his own.

Scott refused to answer questions about the accusations against Bennett in Indiana. Scott repeated only that he was pleased with Bennett's work in Florida.

Source: http://news.yahoo.com/florida-governor-defends-resigning-education-chief-154713416.html

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Thursday, August 1, 2013

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