Wall Street was lower in early afternoon trade on Thursday after Bank of America (NYSE: BAC; TYO: 8648) reported that profits were down by 32 percent in the third quarter.

While other banks have also produced disappointing third-quarter reports, Bank of America is seen as a predictor of the health of the US banking industry because it does business in widespread regions of the country.

The Dow Jones Industrial Average was 0.22 percent lower to 13,861.81, while the Nasdaq Composite dropped 0.35 percent to 2,782.82 and the S&P 500 was down 0.38 percent to 1,535.35.

Bank of America was $1.69 lower to $48.33 after its report.

Elsewhere in the sector, Citigroup (NYSE: C) fell 66 cents to $44. JPMorgan Chase (NYSE: JPM; TYO: 8634), which issued a better than anticipated report on Wednesday, was still down 66 cents to $45.71.

Wells Fargo (NYSE: WFC) dropped 80 cents to $33.49, while Wachovia (NYSE: WB) was 81 cents lower to $47.72.

Savings and loan Washington Mutual (NYSE: WM) was $2.83 lower to $30.24 after it issued a quarterly report showing profits down by 72 percent.

Sagging profits were not just a problem in the banking sector, however.

Candy maker Hershey Co. (NYSE: HSY) dropped $1.51 to $42.78 after it reported that profits were down 66 percent in the quarter on poor sales and higher promotional costs.

In the pharmaceuticals sector, meanwhile, Pfizer (NYSE: PFE) added 8 cents to $24.63 even though it reported that profits were down in its third quarter on lower sales and a charge to end investment in an inhaled form of insulin.

Wall Street dropped at midday on Tuesday as crude oil prices continued to rise and on comments from Federal Reserve Chairman Ben Bernanke Monday night that the housing market is a “significant drag” on the economy.

In addition, investors expected more bad news concerning the housing sector when the National Association of Home Builders and Wells Fargo issues its October housing market index later in the day.

At mid-session, the Dow Jones Industrial Average was 0.5 percent lower to 13,914.65, while the Nasdaq Composite dropped 0.23 percent to 2,773.78 and the S&P 500 fell 0.52 percent to 1,540.7.

The housing sector was down on Mr. Bernanke’s comments and on separate comments from Treasury Secretary Henry Paulson, who said in a speech Geogretown University’s law school that the housing slump is the most serious risk currently facing the economy.

DR Horton (NYSE: DHI) dropped 30 cents to $13.80 after it said that orders were down 39 percent in its fiscal fourth quarter, while cancellations were at 48 percent.

Elsewhere in the sector Pulte Homes (NYSE: PHM) fell 32 cents to $14.11 while Toll Brothers (NYSE: TOL) was 36 cents lower to $21.79, Beazer Homes (NYSE: BZH) was down 41 cents to $8.75, Centex (NYSE: CTX) dropped 69 cents to $25.80 and KB Home (NYSE: KBH) fell 79 percent to $26.91.

The Dow was hurt by losses for General Motors (NYSE: GM), which was down $1.15 to $39.96 after a broker downgrade from “peer perform” to “under perform” from Bear Stearns.

JPMorgan Chase (NYSE: JPM; TYO: 8634) dropped 85 cents to $45.42 ahead of its third-quarter results, due Wednesday, while Citigroup (NYSE: C) was $1.11 lower to $45.14 after it reported Monday that its earnings were down 57 percent in the third quarter due to losses in mortgage-backed securities and higher operating expenses.

The New York markets were lower in midday trade on Monday.

The Dow Jones Industrial Average was 0.8 percent lower to 13,980.57, while the Nasdaq Composite had fallen 0.62 percent to 2,788.15 and the S&P 500 had dropped 0.69 percent to 1,551.

Investors were worried after Citigroup (NYSE: C) after it said that earnings were down by 57 percent in the third quarter.

Citigroup fell $1.33 to $46.54.

Medical devices manufacturer Medtronic (NYSE: MDT) was $7.08 lower to $49.25 on the news that it has stopped selling its Sprint Fidelis defibrillation leads after they were show to be defective.

Meanwhile, biotechnology group Biogen Idec (NAS: BIIB) added $14.40 to $83.83 after it said it might put itself up for sale after talking to potential bidders.

A little earlier in the session, Boeing (NYSE: BA; TYO: 7661) was down $1.46 to $95.24 after a broker downgrade from “outperform” to “market perform” on the possibility that the announced six-month delay in the delivery of the aerospace group’s 787 Dreamliner could stretch further.

A downgrade also sent house builders lower.

KB Home (NYSE: KBH) dropped $1.31 to $27.63 after UBS (NYSE: UBS; SWX: UBSN; TYO: 8657) dropped its recommendaton from “buy” to “neutral” and said that the housing market is not likely to recover until at least 2009.

Lennar Corp (NYSE: LEN) fell 49 cents to $23.71.

Wall Street was higher at midday on Friday after the Commerce Department said that retail sales were up 0.6 percent in September over August’s numbers, twice the gain that had been expected.

In addition, the Labor Department said that wholesale prices added 1.1 percent last month.

However, when food and energy prices were excluded from the data, wholesale prices were only up 0.1 percent.

At mid-session the Dow Jones Industrial Average had added 0.41 percent to 14,073, while the Nasdaq Composite was 0.96 percent higher to 2,799.16 and the S&P 500 gained 0.41 percent to 1,560.86.

Technology-related businesses helped the gains.

Software manufacturer Oracle (NAS: ORCL) was 15 cents higher to $22.61 after it made a $6.66 million bid for rival BEA Systems (NAS: BEAS), which added $4.44 to $18.06.

Chipmaking equipment manufacturers were higher after Korean chipmaker Samsung Electronic Co (SEO: 005930) said it will increase capital spending on the production of semiconductors by over $1 billion.

Rudolph Technologies Inc (NAS: RTEC) was up 38 cents to $13.80, while Applied Materials (NAS: AMAT; SEHK: 4336) gained 81 cents to $20.94 and Varian Semiconductor Equipment Associates Inc (NAS: VSEA) added $2.67 to $48.55.

Elsewhere, General Motors (NYSE: GM) added $1.48 to $41.47 after it said that sales in Latin America were up.

General Electric (NYSE: GE) dropped 93 cents to $40.66 even though its earnings were up 14 percent in the third quarter.

In the banking sector, Citigroup (NYSE: C) fell 68 cents to $47.65 after it said it will join its alternative investments and investment banking division into a single business.

The news spurred Deutsche Bank to cut its recommendation on Citigroup from “buy” to “sell” on the grounds that the changes are not enough.

Markets were higher in midday trade on Wall Street after the US Labor Department reported that 110,000 new jobs were created in September, near expected levels, although unemployment was also higher, up to 4.7 percent.

The Dow Jones Industrial Average was up 0.67 percent to 14,067.31, while the Nasdaq Composite had added 1.43 percent to 2,772.76 and the S&P 500 had gained 0.79 percent to 1,554.98.

The Nasdaq was helped by gains for internet search engine Google (NAS: GOOG; LSE: GGEA) and Research in Motion (NAS: RIMM; TSX: RIM.TO).

The manufacturer of the Blackberry hand-held device added 12.2 percent to $112.84 the day after it turned in a better than expected quarterly report on Thursday, while Google gained 2.6 percent to $594.05 after Bear Stearns (NYSE: BSC) set its target share price for next year at $700.

The financial services sector also saw gains.

Citigroup (NYSE: C) added 1.8 percent to $48.48, while Merrill Lynch (NYSE: MER) was up 2.4 percent to $76.56 even though it said it will write off $4.5 billion in bad loans in the third quarter.

Retailers also saw gains as Wal-Mart (NYSE: WMT) added 1.2 percent to $45.53 and Target (NYSE: TGT) was up almost 4 percent to $67.77.

Wall Street was lower in early afternoon trade on Friday.

The Dow Jones Industrial Average was 0.1 percent lower to 13,898.88 at just past 1 p.m. in New York, while the Nasdaq Composite had dropped 0.22 percent to 2,703.63 and the S&P 500 was down 0.23 percent to 1,527.89.

The Commerce department reported that personal spending was up 0.6 percent in August, more than expected even though incomes were only 0.3 percent higher, less than had been anticipated.

Banks saw declines after the overnight rate banks charge each other to borrow money increased.

Citigroup (NYSE: C) fell 21 cents to $46.67, while Bank of America (NYSE: BAC; TYO: 8648) was down 37 cents to $50.23 and JP Morgan Chase (NYSE: JPM; TYO: 8634) was 53 percent lower to $45.68.

The oil sector also saw losses.

ExxonMobil (NYSE: XOM) dropped 24 cents to $92.73, while ConocoPhillips and Chevron each fell 32 cents, to $87.64 and $93.21 respectively.

The retail sector was mixed.

While discount retailer Wal-Mart (NYSE: WMT) added 17 cents to $43.78, home improvement retailer Home Depot (NYSE: HD) dropped 18 cents to $32.58.

Consumer electronics retailer Best Buy (NYSE: BBY) was down 36 cents to $45.84, while closeouts and overstocks retailer Big Lots (NYSE: BIG) was $1.16 lower to $29.94.

Wall Street was substantially lower in midday trade Friday.

The Dow Jones Industrial Average was 1.56 percent lower to 13,155.25, while the Nasdaq Composite had dropped 1.86 percent to 2,565.73 and the S&P 500 was down 1.45 percent to 1,457.08.

The decline came after the Labor Department reported that there were 4,000 fewer jobs in August, the first time in 4 years that the number of jobs has dropped.

Some analysts believe that the new data seals the case for a drop in interest rates in September, even though the unemployment rate was reported to have remained at 4.6 percent.

Investors were also worried by comments from former Federal Reserve chairman Alan Greenspan, who compared the current state of the markets to conditions ahead of the 1987 “Black Monday” crash.

There were declines in a variety of sectors.

General Motors (NYSE: GM) was $1.20 lower to $29.85 after Goldman Sachs (NYSE: GS) cut the auto maker’s target share price from $42 to $37 reduced its earnings estimates through 2009.

In a related sector, motorcycle manufacturer Harley-Davidson (NYSE: HOG) dropped $5 to $49.09 after it said its earnings will drop by 4 to 6 percent in 2007.

Aluminium producer Alcoa (NYSE: AA) was down $1.55 to $34.95, while chipmaker Intel fell 75 cents to $25.40.

There were some gainers on the session. Citigroup (NYSE: C) was up 19 cents to $45.85. Coca-Cola (NYSE: KO) was up 1 cent to $54.67.

Wall Street was higher after remarks from both President George W. Bush and Federal Reserve chairman Ben Bernanke.

In early afternoon trade the Dow Jones Industrial Average had added 1.19 percent to 13,396.43, while the Nasdaq Composite was up 1.05 percent to 2,592.16 and the S&P 500 was 1.29 percent higher to 1,476.46.

Mr. Bush called on congress to send him legislation to modernize the Federal Housing Administration, which provides mortgage insurance through private lenders, but said that the government will not bail out what he characterized as “speculators”.

He also asked lenders to work with homeowners to renegotiate mortgages at lower interest rates.

Mr. Bush’s plan also calls for the creation of a program called “FHA-Secure”, which will allow the FHA to refinance the loans of homeowners with good credit but who have not been able to make all their payments due to rising interest rates.

Mortgage lenders saw gains in the wake of these comments. Countrywide Financial (NYSE: CFC) was 14 cents higher to $19.78, while Accredited Home Lenders Holding (NAS: LEND) gained $2.38, or 37.72 percent, to $8.69 after Lone Star Funds said it is willing to purchase the subprime lender at a lower price than previously agreed.

Banks also benefited from the marks from the President and the Fed chairman.

Citigroup (NSYE: C) added 53 cents to $46.76, while JP Morgan Chase (NYSE: JPM; TYO: 8634) gained 65 cents to $44.62 and Bank of America (NYSE: BAC) was 73 cents higher to $46.76.

Wall Street was lower at midday on Tuesday as investors waited for the release of the minutes from the most recent meeting of the US Federal Reserve.

The Dow Jones Industrial Average was down 1.09 percent to 13,176.87, while the Nasdaq Composite had dropped 1.27 percent to 2,528.67 and the S&P 500 had dropped 1.17 percent to 1,449. 69.

Analysts and investors were interested in what the Fed minutes had to say in order to see if they provide any hints about where interest rates might go in the future, especially in light of recent comments from officials that they are willing to do whatever is necessary to retain stability in the markets.

A new report from the Conference Board, showing consumer confidence down from a revised reading of 111.9 percent in July to 105 in August did not help, although the reading was a bit better than the 104.5 that had been expected.

House builders were lower on the report that house prices were down by 3.2 percent in the second quarter, the biggest rate of decline since the S&P housing index was begun in 1987.

D. R. Horton (NYSE: DHI) dropped 45 cents to $14.76, while Hovnanian Enterprises (NYSE: HOV) was down 60 cents to $10.66 and Toll Brothers (NYSE: TOL) fell 73 cents to $21.27.

Banks were lower after Merrill Lynch (NYSE: MER; TYO: 8675) issued a downgrade, from “buy” to “neutral”, to three financial institutions.

Citigroup (NYSE: C) dropped 94 cents to $46.85, while Bear Stearns (NYSE: BSC) fell $1.49 to $110.71 and Lehman Brothers (NYSE: LEH) was down $2.50 to $55.25.

By early afternoon Monday the New York equities markets were up even though many banks were lower again.

The Dow Jones Industrial Average was 0.59 percent higher to 13,167.93, while the Nasdaq Composite had added 0.67 percent to 2,538.25 and the S&P 500 had gained 0.49 percent to 1,454.17.

Banks were lower after Citigroup (NYSE: C), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM; TYO: 8634) and Wachovia (NYSE: WB) each said they had borrowed $500 million from the Federal Reserve.

Bank of America was 24 cents lower to $51.06, while Wachovia fell 31 cents to $48.93, Citigroup dropped 53 cents to $47.53 and JP Morgan Chase was down $1.06 to $45.14.

Elsewhere in the sector, Goldman Sachs (NYSE: GS) was 41 cents lower to $175.07, Merrill Lynch (NYSE: MER; TYO: 8675) fell 99 cents to $75.12 and Lehman Brothers (NYSE: LEH) had dropped $1.23 to $56.31.

Futures exchange operator Nymex Holdings (NYSE: NMX) added $7.10 to $125.88 on reports that it has had early discussions toward some sort of deal, while MGM Mirage (NYSE: MGM) gained $6.23 to $80.55 on speculation that it is a bids target from Dubai World.

In the house building sector, Toll Brothers (NYSE: TOL) added 80 cents to $21.89 even though it said its profits in the fiscal third quarter were down on more cancellations than expected and on large writedowns but still came out better than analysts had anticipated.

The gains didn’t help the rest of the sector much, however.

At just past 1 p.m. New York time, Hovnanian Enterprises (NYSE: HOV) was up just 1 cent to $11.96, while Pulte Homes (NYSE: PHM) had dropped 3 cents to $17.26 and DR Horton (NYSE: DHI) was down 29 cents to $16.05.