10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – U.S. stocks closed mixed as financial stocks gained. Yahoo and Microsoft talks gain momentum. Crude oil rebounds 3%.

Global Markets Update

U.S. stocks edged lower after surging nearly one percent at the opening. The Fed widened its term auction next week to $75 billion from $50 billion. April non-farm payroll declined lower than expected, sparking a rally in dollar. Construction and retail industries continue to shed workers. In addition, construction spending fell 1.1% in March. Crude oil and gold edged higher. Tech stocks fell after a surge at the opening.

Countrywide credit rating was cut to junk status after the Bank of America in a regulatory filing suggested that it may not redeem or guarantee $93 billion of its debt.

Bankrate.com the online provider of personal financial information reported revenue surged 91% to 42.5 million and earnings rose 27% to $6.8 million. The banana distributor Chiquita Brands revenue in the first quarter rose 7% to $1.3 billion and net income was $31.7 million compared to a loss of $3.4 million in the quarter a year ago. Dolby Labs, the surround system technology licensor reported revenue jumped 34% to $172 million and net income increased to $39.1 million. MetLife net income fell.

Stocks in Japan rose sharply after the yen fell to a 2-year low. Investors returned to stocks on the falling commodities and crude oil futures prices and rising optimism related to credit market. In Tokyo trading Nikkei 225 rose 2.05% or 282.4 to 14,049.26, rising 1.3% for the week, and the broader Topix Index increased 2.3% or 31.29 to 1,377.39.

European Markets indexes

In London FTSE 100 Index closed higher 128.20 or 2.11% to 6,215.50, in Paris CAC 40 Index increased 73.17 or 1.46% to close at 5,069.71 and in Frankfurt DAX index higher 94.41 or 1.36% to close at 7,043.23. In Zurich trading SMI increased 136.80 or 1.82% to close at 7,665.80.

North American Markets indexes

Dow Jones Industrial Average rose 48.20 or 0.37% to a close of 13,058.20, S&P 500 closed up 4.55 or 0.32% to 1,413.89, and Nasdaq Composite Index decreased 3.72 or 0.15% to close at 2,476.01. In Toronto TSX Composite closed up 201.20 or 1.43% to 14,267.01.

Of the 30 stocks in Dow Jones Industrial Average, 20 closed higher, 10 closed lower, and none was unchanged.

American Express led decliners in the Dow Jones with the loss of 2% followed by losses in JP Morgan of 1.5%, in Wal-Mart of 1.2%, in Microsoft of 1.1%, and in Coca Cola of 0.6%. Alcoa led gainers in the Dow Jones index with a rise of 4.2% followed by increases in DuPont of 1.8%, in Citigroup of 1.6%, in AIG of 1.33%, and in Intel of 0.9%.

Of the stocks in S&P 500 index, 249 stocks increased, 244 declined, and 7 were unchanged. Of the stocks in the index, 13 stocks fell more than 3% and 30 gained more than 3%.

Sun Microsystems led decliners in the S&P 500 index with a plunge of 23% followed by losses in Qlogic of 8%, in Allergan of 5.1%, in ADP of 4.9%, in GameStop of 4.5%, and in Washington Post of 4.4%.

Jones Apparel led gainers in the S&P 500 index with a rise of 9% followed by increases in Yahoo of 7%, in SLM Corp of 6.8%, in CIT Group of 6.7%, in Marathon Oil of 6%, and in Ambac Financial of 5.9%.

South American Markets Indexes

Colombia led gainers in the region with a gain of 2.45% followed by gains in Brazil of 2.15%, in Venezuela of 0.85%, in Argentina of 0.65%, in Chile of 0.52% and in Peru of 0.01%. Mexico added 0.89%.


Asian Markets

In Tokyo Nikkei 225 Index closed higher 282.40 or 2.05% to 14,049.26, in Hong Kong Hang Seng index increased 485.67 or 1.89% closed to 26,241.02. In Australia ASX 200 index higher 114.60 or 2.05% to close 5,700.40. In Malaysia KL Composite index decreased 8.38 or 0.65% closed to 1,271.48.