New York equities markets were higher in early afternoon trade even though comments in a speech by Federal Reserve chairman Ben Bernanke did not mention interest rates.

Analysts and investors had been hoping that Mr. Bernanke would say something that would indicate what the Fed is planning on doing about interest rates when it meets next.

Confidence was also boosted by new Commerce Department data showing that the US trade deficit narrowed slightly, from $59.4 billion in June to $59.2 billion in July in the face of conventional wisdom that said it would widen.

The Dow Jones Industrial Average added 0.89 percent to 13,244.91, while the Nasdaq Composite was up 0.86 percent to 2,581.05 and the S&P 500 gained 0.72 percent to 1,462.17.

The Dow was helped by good sales news from fast food chain McDonalds (NYSE: MCD) when it said that global sales at restaurants open at least a year were up 8.1 percent in August.

McDonalds shares added $2.25 to $52.40.

The Nasdaq was helped by a big gain from biopharmaceutical group ImClone Systems (NAS: IMCL), which added $7.99 to $45.92 on the news that late-stage studies of the drug Erbitux has improved survival in lung-cancer patients.

Bristol-Myers Squibb (NYSE: BMY), also involved in the development of the drug, added 31 cents to $28.31.

Most railroads were higher after broker comments that a recent judicial decision on coal rates have taken some regulatory and legislative pressures off the sector.

The decision found in favor of Burlington Northern Santa Fe (NYSE: BNI) in two cases where the railroad was accused of charging too much to transport coal.

Burlington Northern added 70 cents to $80.92.

Kansas City Northern (NYSE: KSU) was up 75 cents to $31.16 and Norfolk Southern (NYSE: NSC) gained 91 cents to $50.01, while Union Pacific (NYSE: UNP) was $1.71 higher to $107.58.

However, CSX (NYSE: CSX) was 48 cents lower to $38.81.

Wall Street was slightly lower at the middle of the session on Wednesday ahead of November’s employment numbers, due to be released on Friday. The Dow Jones Industrial Average was 0.1 percent lower to 12,318.30, while the Nasdaq Composite fell 0.3 percent to 2,446.23 and the S&P 500 dropped 0.1 percent to 1,413.73. The small-cap Russell 2000 index held steady at 797.09.

The software sector was lower. Oracle dropped 4.6 percent to #$17.99 after Lehman Brothers told its clients to sell because Oracle might not meet expectations for the quarter. Novell was 5.4 percent lower to $5.99 after it reduced its guidance for its fiscal 2007.

A change in management did not help revive Yahoo, which is over 38 percent lower than it was in January. By midday, the internet company was down 1.9 percent to $26.92.

Burlington Northern Santa Fe fell 3.5 percent to $75.88 after Merrill Lynch downgraded the railroad operator from “buy” to “neutral. The broker pointed out that the railroad is nearing its target share price.

In the semiconductor sector, Novellus dropped 3.5 percent to $33.32 on a downgrade from “neutral” to “sell” from Goldman Sachs.

The pharmaceuticals sector was mixed. Merck fell 1.2 percent to $44.35 after it repeated its earnings outlook for this year. But Halozyme Therapeutics, a biotech drug developer, gained 56.5 percent to $4.46 on the announcement of a cooperation agreement with Roche.

Wall Street was down on Monday as crude oil prices were once again on the rise as worries grew once again over Iran’s insistence on continuing its nuclear development program. The Dow Jones Industrial Average ended the session 0.3 percent lower to 11,345.05, while the Nasdaq Composite dropped 0.8 percent to 2,147.75 and the S&P 500 declined by 0.4 percent to 1,297.52.

Nearly the only sector that the higher oil prices helped was the oil sector itself. ExxonMobil was 1.1 percent higher to $69.83, while Marathon Oil added 3.1 percent to $89.94.

Also higher on the day, as investors sought a safe place to put their money, was the gold segment of the mining sector. Newmont Mining was up 3.6 percent to $52.55. Barrick Gold added 4.2 percent to $33.00. Copper miners also saw gains as a South American strike continued with not immediate hope of a solution. Freeport McMoran advanced by 4.7 percent to $57.15 and Coeur d’Alene was 4.9 percent higher to $5.37.

Home improvement retailers were lower. Lowe’s dropped 4 percent to $28.35 on a disappointing second-quarter report, and has lost 15 percent since January. Home Depot followed Lowe’s lower, falling 1.4 percent to $34.30. Elsewhere in the retail sector, Dollar General was down 9.6 percent to $12.74.

Transport was hit by higher oil prices, with Burlington Northern Santa Fe dropping 3.5 percent to $66.07 and Norfolk Southern declining by 4.1 percent to $42.46.

Internet stocks were lower as well, as Google fell 1.6 percent to $377.30, Yahoo was 3 percent lower to $28.90, and Amazon declined 3.4 percent to $28.13.

A falling transportation sector led the New York equities markets lower by midday on Tuesday. The Dow Jones Industrial Average fell 0.3 percent to 11,018.64, while the Nasdaq Composite and the S&P 500 each had dropped by 0.2 percent, to 2,058.46 and 1,258.22 respectively.

United Parcel Service fell 14.5 percent to $68.44, its worst ever one-day performance. The decline came after its quarterly report did not meet expectations and it said that full-year earnings would only reach the low end of what has been forecast. The problems of Ups dragged the rest of the sector down as well. Federal Express dropped 2.7 percent to $107.50, while Burlington Northern Santa Fe declined by 4.5 percent to $66.67 and Expeditors International was 4.8 percent lower to $46.

The telecommunications sector, on the other hand, was up after AT&T said that its second quarter earnings were up by 81 percent. AT&T gained 4.4 percent to $28.99, while BellSouth added 4.8 percent to $37.95. BellSouth is scheduled to be purchased by AT&T later in the year.

In the technology sector, Sandisk added 14.8 percent to $37.95 after it reported that strong sales of memory cards for mobile phones sent profits up 36 percent in the quarter. Meanwhile, Texas Instruments reported that its earnings were up by 27 percent in the quarter, sending its shares 4.3 percent higher to $29.03.

BJ Services added 5.5 percent to $32.76 on third-quarter profits that were up by 86 percent.

At midday on Friday the New York equities markets were seeing gains for both the day and week on help from several sectors as well as from some positive economic news. The Dow Jones Industrial Average was up 1 percent on the day and 1.6 percent on the week to 11,551.96, a six-year high. The Nasdaq Composite was at 2,333.58, a gain of 0.4 percent on the day and 0.5 percent for the week and the S&P 500 had added 0.4 percent for the day and 0.6 percent over the week to sit at 1,318.03 at mid-session.

In the steel sector, US Steel added 10.4 percent to $75.60 over the week, while Nucor was up 8.2 percent during the week to $117.74 on an upgrade from Merrill Lynch.

Among miners, Phelps Dodge was up 8.1 percent this week $93.14 on record copper prices and an upgrade from Bear Stearns. The copper miner has added over 40 percent since March. On the negative side, Coeur dAlene, owner of mines in Boliva, dropped 9.7 percent during the week to $6.30.

Stock exchanges were mixed this week as speculation was that the New York Stock Exchange would best Nasdaq for control of the London Stock Exchange. The NYSE added 7 percent on Friday and was up 1.6 percent during the week to $67.48, while Nasdaq lost 1.5 percent this week to $36.87.

The transportation sector had a good week, with Expeditors International up 19.1 percent on the week to $104.70. Rail-freight shippers had a good week on higher imports from China and the ability to charge more for their services. CSX was up 8 percent this week to $74.06, while Burlington Northern Santa Fe added 5.6 percent to $83.95.

There was little movement in New York equities markets by midday on Wednesday on continuing concerns that interest rates will continue to rise. The Dow Jones Industrial Average was 0.1 percent higher to 11,156.78, while the Nasdaq Composite was slightly lower at 2,295.83 and the S&P 500 had dropped 0.1 percent to 1,296.31.

Banks were struggling as quarterly reports continued to come in or be due soon. Lehman Brothers said their first quarter earnings were up 24 percent but still lost 0.7 percent early and struggled to stay even by midday at $145.28. Bear Stearns, due to report Thursday, was down 0.5 percent to $133.88 and Goldman Sachs dropped 1.1 percent to $147.71 on profit-taking.

Sears Holdings, which owns not only Sears but K-Mart, gained 10.1 percent to $130.04 on its earnings reports, which came in much higher than had been expected. Elsewhere in the retail sector, drugstore chain CVS dropped 2.7 percent to $29.74 on the report that the Securities and Exchange Commission has begun an informal inquiry into the company’s accounting practices.

An investigation into alleged wrongdoing also hurt tax preparer H&R Block, which lost 4.3 percent to $21.05. New York State Attorney Eliot Spitzer announced that his office is looking into charges that the company has urged clients to invest their tax refunds in retirement accounts that do not generate enough interest to cover account fees.

Railroads did well on the day after increased price estimates from Merrill Lynch when Union Pacific upped its estimate of first-quarter profits by 20 percent. Union Pacific was up 5.3 percent to $89.76. Among other railroads, Burlington Northern Santa Fe advanced 4.9 percent to $80.24 and Norfolk Southern gained 3.3 percent to $53.21.