Wall Street Holds to Gains

In analyst actions, JPMorgan cut 2009 earnings estimates on Goldman Sachs (GS Quote) and Morgan Stanley (MS Quote). The reduction in the Goldman estimates was tied to private-equity losses.

In commodities, crude oil gained 27 cents to close at $61.04 a barrel. Gold added $2 to settle at $734.20 an ounce.

Longer-dated U.S. Treasury securities were falling in price. The 10-year note was down 24/32, yielding 3.78%, and the 30-year was lower by 1-2/32 to yield 4.26%. The dollar was higher vs. the yen and pound, but softening against the euro.

Credit markets continued their loosening streak. Three-month dollar Libor dropped 10 basis points to 2.29%, a four-year low, indicating that interest-rate cuts from central banks around the world were having an impact. Overnight Libor remained level at 0.33%.

Abroad, European indices were gaining ground, as the FTSE in London and the Dax in Frankfurt traded higher. Asian exchanges were mixed, as Japan's Nikkei ended down and Hong Kong's Hang Seng closed with gains.