Wall Street was on the rebound at midday on Friday.

The Dow Jones Industrial Average was up 0.52 percent to 13,743.45, while the Nasdaq Composite was 1.29 percent higher to 2,786.34 and the S&P 500 added 0.78 percent to 1,526.26.

The Nasdaq was helped by Microsoft’s (NAS: MSFT) quarterly report, which was released late Thursday.

Microsoft added 9.2 percent to $34.93 after it reported that profits were up 23 percent in its fiscal fourth quarter.

Sales were up 27 percent over the same period last year on success with Windows, Office, and its new “Halo 3” computer game.

The oil sector saw gains as crude oil prices continued in record territory.

Oilfield services group Schlumberger (NYSE: SLB) added 1.7 percent to $99.77, while Occidental Petroleum (NYSE: OXY) was up 2.9 percent to $71.05.

In the financial services sector, Countrywide Financial (NYSE: CFC) added 17.1 percent to $15.29 even though it had losses of over $1 billion in the third quarter as it said it would cut jobs and return to profit in the fourth quarter.

Elsewhere in the financial sector, Merrill Lynch (NYSE: MER; TYO: 8675) gained 4.5 percent to $63.65 on reports that it’s chief executive might soon be replaced.

There are rumors that CEO Stan O’Neal was in talks about a merger with Wachovia (NYSE: WB) that he did not reveal to the board of directors.

Wall Street continued its advance after Tuesday’s bounce following the Fed’s rate cut announcement.

In midday trade, the Dow Jones Industrial Average had added 0.69 percent to 13,833.76 while the Nasdaq Composite was up 0.84 percent to 2,673.9 and the S&P 500 gained 0.83 percent to 1,532.36.

The Russell 2000 of small and mid-caps was 1.63 percent higher to 819.74.

The Labor Department said that the consumer price index was down 0.1 percent in August, while the core CPI was up 0.2 percent.

Neither figure was a surprise to analysts.

In a separate report, the Commerce Department reported new home construction down 2.6 percent in August, the third month in a row of declines.

Despite the drop in the building of new homes, D. R Horton (NSYE: DHI) added 44 cents to $15.74 and Pulte Homes (NYSE: PHM) gained 58 cents to $17.68, helped by the rate cut.

The Fed’s decision also aided mortgage lenders.

Countrywide Financial (NYSE: CFC) was up 95 cents to $20.83, also helped by a positive forecast from the lender’s CEO.

Commodities-related shares were higher as investors assumed that demand would rise following the interest rate cut.

Southern Copper Corp (NYSE: PCU) added 19 cents to $114.72, while Reliance Steel & Aluminum (NYSE: RS) was $1.17 higher to $56.45.

Freeport-McMoRan (NYSE: FCX) was $1.85 higher to $105.15, Unites States Steel (NYSE: X) gained $3.20 to $100.95, and US-traded shares of Rio Tinto (NYSE: RTP; LSE: RIO; ASX: RIO) jumped $3.62 to $313.42.

New York markets were higher at midday on Thursday.

The Dow Jones Industrial Average was 1.09 percent higher to 13,436.59, while the Nasdaq Composite had added 0.48 percent to 2,604.51 and the S&P 500 had gained 0.96 percent to 1,485.69.

Investor confidence was enhanced after Countrywide Financial (NSYE: CFC) said it has managed to secure $12 billion in credit, making it less likely that it would fall to the subprime crisis.

The Dow was up on gains in the fast food and automobile manufacturing sectors.

General Motors (NYSE: GM) and Ford Motor (NYSE: F) were both up after United Auto Workers President Ron Gettelfinger said he might okay a union-run trust fund for employee health care.

Ford added 34 cents to $7.85, while GM gained $2.38 to $32.62.

In the retail sector, Target (NYSE: TGT) was $1.37 higher to $64.09 after it said it would look at whether it will keep $7 billion in credit card receivables.

Fast food chain McDonald’s was up $2.94 to $54.14 after it said it would up its dividend by 50 percent.

Decliners on the day included chipmaker Intel (NAS: INTC; SEHK: 4335), which dropped 12 cents to $25.34 and media empire Walt Disney (NYSE: DIS), down 5 cents to $33.67.

Wall Street was higher in early afternoon trade Wednesday even though the dollar remained weak and oil prices hovered in record high territory.

Investors expect that the Federal Reserve will cut interest rates when it meets next week, but comments from some Fed officials have indicated that such a rate cut is not a certainty and even if the cut does come many investors worry that a quarter-point decline will not be enough to help the market’s current problems.

At early afternoon in New York, the Dow Jones Industrial Average was 0.03 percent higher to 13,311.97, while the Nasdaq Composite had added 0.26 percent to 2,604.31 and the S&P 500 was 0.12 percent higher to 1,473.28.

The Nasdaq was helped by Apple Inc (NAS: AAPL; LSE: ACP; FWB: APC), which added $2.51 to $138.01 after UBS (NYSE: UBS; SWX: UBSN; TYO: 8657) upped its target share price on the computer, iPod and iPhone maker from $175 to $182.

The tech-heavy index was also up on gains for medical device maker Cardica Inc (NAS: Cardica), which was $1.57 higher to $10.21 on European approval of a device used in heart bypass surgery.

Elsewhere among technology stocks, Texas Instruments (NYSE: TXN) dropped 41 cents to $35.31 on an altered earnings estimate in its fiscal third quarter.

Countrywide Financial (NYSE: CFC), meanwhile, dropped 37 cents to $16.51 on the news that employees are suing the mortgage lender because, they claim, the value of their retirement accounts dropped with the company’s stock decline during the current subprime crisis.

Wall Street was lower in early afternoon trade after Janet Yellen, president of the San Francisco Fed said in a speech that interest rate policies should not be used to bail out investors even though market upheavals could hurt the economy, causing investors to worry that interest rates might not drop this month, as many had assumed.

Analysts said that if the Fed does not reduce rates the markets could see a major sell-off.

The Dow Jones Industrial Average was 0.38 percent lower to 13,064.04, while the Nasdaq Composite had dropped 0.63 percent to 2,549.43 and the S&P 500 was down 0.63 percent as well, to 1,444.37.

House builders saw major declines after Moody’s Investors Services said that the housing slump will likely last at least until 2009.

Hovnanian Enterprises (NYSE: HOV) was down 5.3 percent to $10.01 after its target share price was cut from $20 to $8 by JMP Securities in the wake of last week’s reported third-quarter losses.

Other declines in the sector included KB Home (NYSE: KBH), which was 4.7 percent lower to $26.62.

Pulte Homes (NYSE: PHM) dropped 3.1 percent to $15.02, Lennar (NYSE: LEN) fell 2.9 percent to $25.74, and Toll Brothers (NYSE: TOL) was down 2.4 percent to $19.85.

Mortgage lender Countrywide Financial (NYSE: CFC) was 5.4 percent lower to $17.22 after Friday’s report that it will cut up to 12,000 jobs in an effort to rise above the sector’s problems and after it said it believes new mortgages will fall by 25 percent next year.

Gainers on the day included Apple (NAS: AAPL; LSE: ACP; FWB: APC), which added 2.7 percent to $135.20 on the news that it sold its 1 millionth iPhone Sunday.

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.

After an initial gain on enthusiasm about Bank of America’s (NYSE: BAC; TYO: 8648) purchase of $2 billon in preferred stock in mortgage lender Countrywide Financial (NYSE: CFC), Wall Street was lower in midday trade Thursday.

The Dow Jones Industrial Average was down 0.28 percent to 13,199.47, while the Nasdaq Composite had dropped 0.71 percent to 2,534.56 and the S&P 500 was 0.44 percent lower to 1,457.61.

Bank of America said Wednesday that it would buy into Countrywide in an effort to help it deal with the increase in defaults on subprime loans was well as to try to keep the larger economy from being dragged down by the subprime mess.

The announcement came on the same day that Lehman Brothers (NYSE: LEH) said it will close its BNC Mortgage unit and cut over 1,000 jobs.

HSBC (NYSE: HBC; LSE: HSBA; Euronext: HSBC; SEHK: 005) and Accredited Home Lenders (NAS: LEND) have also announced the elimination of jobs due to the current crisis.

The announcement by Bank of America sent its shares up 16 cents to $51.81, while shares in Countrywide added $1.27 to $23.09.

Elsewhere, Hot Topic (NAS: HOTT) dropped 80 cents to $7.95 after the retailer said it suffered losses in the second quarter. Several other clothing retailers, including Gap (NYSE: GPS) and Aeropostale (NYSE: ARO), are scheduled to report after the close of trade today.

Meat processor Hormel Foods (NYSE: HRL) added 16 cents to $34.56 even though it said its profits in its fiscal third quarter were down by 4 percent.

Wall Street was lower in early afternoon trade on Monday.

The Dow Jones Industrial Average was back down below the 13,000 level to trade at 12,993.32, a decline of 0.66 percent, just before 1:30 pm in New York, while the Nasdaq Composite had dropped 0.64 percent to 2,489.1 and the S&P 500 was 0.99 percent lower to 1,431.6.

The retail sector was mixed.

Rite-Aid (NYSE: RAD) was even at $4.88, while Wal-Mart (NYSE: WMT) had dropped 25 cents to $43.24.

Home improvement retailers, however, saw gains after Lowe’s (NYSE: LOW) reported that its earnings were at 67 cents per share in the second quarter, against expected earnings of 61 cents per share.

Despite dropping its forecasts for the third quarter and the full year, Lowe’s added $1.51 to $28.38, while rival Home Depot (NYSE: HD) gained 19 cents to $33.50.

The financial services sector saw declines.

Troubled mortgage lender Countrywide Financial (NYSE: CFC) was down $1.43 to $20.

Wells Fargo (NYSE: WFC) dropped 61 cents to $36.63, while Morgan Stanley (NYSE: MS) fell 84 cents to $61.39, Citigroup (NYSE: C) was 86 cents lower to $47.95 and Bank of America was down 96 cents to $50.80.

JP Morgan Chase (NYSE: JPM; TYO: 8634) fell $1.44 to $45.57, Lehman Brothers (NYSE: LEH) was down $1.78 to $56.30, Merrill Lynch (NYSE: MER; TYO: 8675) dropped $2.01 to $74.03, and Goldman Sachs (NYSE: GS) was $3.87 lower to $171.13.

At just before 2 pm in New York, Wall Street was in positive territory for the day, helped by the Fed‘s cut in the discount rate.

Most analysts now expect that the Fed will cut the benchmark interest rate when it meets in September, while some investors hope they do it even sooner than that.

Some analysts said that if the cut in the discount rate returns confidence to the markets, the Fed might not need to cut the benchmark rate, but the Fed’s move on the discount rate was seen as evidence that the Fed is prepared to act if the markets don’t become more stable soon.

The Dow Jones Industrial Average was 1.25 percent higher to 13,006.49, while the Nasdaq Composite had added 1.67 percent to 2,491.92 and the S&P 500 was up 1.88 percent to 1,437.77.

Mortgage lender Countrywide Financial (NYSE: CFC), which saw big declines on Thursday after drawing down a multi-billion dollar credit line to be able to stay in operation, was up $2.23 in afternoon trade on Friday to $21.18.

Banks were also higher.

Citigroup (NYSE: C) had gained $1.57 to $49.12, while Bank of America (NYSE: BAC) added $1.88 to $51.73 and Goldman Sachs (NYSE: GS) was $3.98 higher to $173.83.

Housebuilder DR Horton (NYSE: DHI) was also higher, adding 63 cents to $16.54 after Thursday’s data on new home construction came in lower than expected for July.

The telecommunications sector was mixed. Verizon Communications (NYSE: VZ) was 11 cents higher to $40.34 and Qwest Communications (NYSE: Q) had gained 22 cents to $8.94, but Sprint-Nextel (NSYE: S) was trading even at $18.20 and Alcatel-Lucent (NYSE: ALU) had dropped 6 cents to $10.53.

Results were also mixed in the pharmaceuticals sector.

Pfizer (NYSE: PFE) was 53 cents higher to $23.92, but Merck (NYSE: MRK) was down 11 cents to $49.35 while Bristol-Myers Squibb had dropped 27 cents to $27.10.

Wall Street remained volatile on Thursday.

At just past 2 pm New York time, the Dow Jones Industrial Average was down 1.02 percent to 12,730.51, but earlier in the afternoon it had been down as much as 308 points, or 2.4 percent.

Meanwhile, the Nasdaq Composite was down 1.2 percent to 2,429.39 and the S&P 500 had dropped 0.68 percent to 1,397.17.

Earlier, the Nasdaq had been down as much as 2.31 percent and the S&P had been down as much as 2.7 percent.

The Federal Reserve had earlier put another $17 billion into the banking system in an effort to raise investor confidence didn’t seem to have much immediate effect.

Investor fears seemed to be confirmed when Countrywide Financial (NYSE: CFC) was forced to draw down all of an $11.5 billion credit line in order to fund its operations after it could not borrow in traditional credit markets and after Moody’s Investor Service warned that the mortgage lender’s debt ratings could be cut to junk status.

Moody’s said it had cut Countrywide’s senior debt rating from A3 to Baa3, the lowest investment-grade rating.

Countrywide was down 23.63 percent to $16.26 in early afternoon trade.

The Commerce Department said that new home construction dropped to its lowest level in over ten years in July.

The announcement left home builders mixed.

At early afternoon, DR Horton (NYSE: DHI) was still 0.06 percent higher to $15.70, while Lennar (NYSE: LEN) had added 0.07 percent to $30.04 and Standard Pacific (NYSE: SPF) gained 1.57 percent to $9.08.

However, Toll Brothers (NYSE: TOL) was down 1.38 percent to $21.48, while Pulte Homes (NYSE: PHM) fell 1.89 percent to $16.58, Centex (NYSE: CTX) had dropped 4.13 percent to $30.90, and Hovnanian Enterprises (NYSE: HOV) was 12.81 percent lower to $11.16.

In other economic news, the Federal Reserve Bank of Philadelphia announced that its general economic index was at zero in August, down from 9.2 in July, which meant that while the region’s economy is not contracting it is not expanding either.