The rally was spurred by Federal Reserve Chairman Ben Bernanke’s statement that the Central Bank is ready to help stimulate the economy if the U.S. shows further signs of a weakened recovery.

As a result, crude oil settled at $75.17 a barrel Friday on the New York Mercantile Exchange.

However, “even with the boost in investor confidence, the current condition of the economy and continued growth of U.S. stockpiles of crude oil do not support crude oil trading above $75 a barrel,” said Jessica Brady, manager of AAA public relations cheap business cards. “Although consumers will see a slight increase in retail gasoline prices this week, it’s very possible prices will dip again next week.”

The national average price of unleaded regular gasoline is $2.67 per gallon, 4 cents less than last week. Florida’s average price of $2.62 represents a 4-cent drop from a week ago.

In metro Orlando, the price of self-serve regular currently averages $2.54 a gallon, also down 4 cents from a week ago.

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As of 9:30 p.m. Tuesday night, he is well ahead of Susan Bitter Smith and Jim Ward in a U.S. House District that includes Scottsdale, Tempe and Fountain Hills.

Schweikert will take on U personal loans for bad credit.S. Rep. Harry Mitchell, D-Tempe, in the general election.

Republicans, including Sarah Palin, are expected to make the race a priority this fall.

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After starting out the day lower, the Dow Jones industrial average (INDU) rose 10 points, or 0.1%, to 10,416 the S&P 500 (SPX) inched up 2 points, or 0.2%, to 1,094 and the Nasdaq (COMP) composite rose 6 points, or 0.3%, to 2,216.

Those gains built on Wall Street’s strong advance the day before. But with no major economic releases on tap Wednesday, the market was having trouble finding direction as stocks jumped around throughout the day.

Target seemed to lift the retail sector when the company offered a profit outlook for the current quarter that was in line with analysts’ estimates, even though its latest earnings were lackluster.

Otherwise, a sheer lack of other economic reports seemed to buoy markets, said Bruce McCain, senior vice president and chief investment strategist of Key Private Bank.

"This is just the eye of the storm where there’s not a lot of economic information that’s roiling the markets," he said. "An absence of anything terribly bad has buoyed expectations."

Bonds: Treasury prices eased Wednesday, pushing yields up. The yield on the 10-year note rose to 2.64% from 2.63% late Tuesday. Bond prices and yields move in opposite directions.

Companies: Discount retailer Target (TGT, Fortune 500) reported a profit that rose 14% from a year earlier and was in line with expectations, but the company missed revenue forecasts.

After falling earlier in the session, shares of Target rose 2.7% in afternoon trading as investors welcomed the company’s outlook for its current quarter — which is in line with analyst expectations. On a call with investors in the morning, Target management hinted at improved sales this fall.

Meanwhile, energy companies Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) dragged on the Dow’s gains payday loan. Their stocks fell about 1% after the government announced both crude and gasoline inventories were at unusually high levels for August.

Speculators are concerned that demand for fuel is not keeping up with growing U.S. stockpiles.

Mining giant BHP Billiton (BHP) said Wednesday it was taking its takeover offer for Potash (POT) directly to the fertilizer giant’s shareholders. On Tuesday, Potash’s board rejected BHP’s $38.6 billion bid.

Potash shares, which were up nearly 28% Tuesday, gained another 3.6% Wednesday, while BHP was down 2.9% after a 2% drop the day before.

Deere (DE, Fortune 500) posted better-than-expected profit and revenue for its third fiscal quarter, but the farm-equipment maker’s earnings forecast for the current quarter of $375 million is below the $385 million analysts were looking for. Shares of Deere fell 1.8%.

Just before the closing bell, General Motors filed for an initial public offering that could drastically reduce the holdings of the U.S. government, which currently owns 61% of the company, and repay some taxpayer money used to bail the company out. The company did not disclose how many shares it will sell, or at what price.

World markets: Markets in Asia ended the session mixed. Japan’s benchmark Nikkei jumped 0.9%. But the Hang Seng in Hong Kong and the Shanghai Composite both finished the session with losses.

European markets all closed lower, with France’s CAC 40 dropping 0.4%, the FTSE 100 in Britain falling 0.9% and Germany’s DAX losing 0.3%.

Currencies and commodities: The dollar gained against the euro, but fell against the U.K. pound and the Japanese yen.

Oil futures for September delivery fell 35 cents to settle at $75.42 a barrel. Gold for December delivery rose $3.10 to settle at $1,231.40. 

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BP has pledged to set aside $20 billion to compensate businesses and individuals hurt by the worst offshore oil spill in history. But analysts say the costs associated with the hundreds of lawsuits the company is facing could far exceed that amount.

"There’s so much uncertainty around the legal implications," said Alex Morris, an analyst at Raymond James. "I’m not sure how much more room it has left to run," he said about the stock.

After hitting a low near $27 in late June, shares of BP had rebounded some 50% to trade above $41 a share earlier this month. But the stock has fallen 6% in the past few days to below $39.

BP is currently facing about 300 civil lawsuits brought by fishermen, hotel owners and oil industry workers, which could take years to resolve. The company could be hit with hundreds more cases, including criminal charges, if it is found guilty of gross negligence.

"The logistical challenge itself is breathtaking," said Scott Giordano, corporate counsel at Mitratech, a consulting group specializing in legal operations. "They are in for an enormous amount of cost."

The worries about BP’s legal costs come despite a number of positive developments, including the successful capping of the well last month and the expected completion of a relief well this week.

BP also named Robert Dudley, an American, to replace the maligned Tony Hayward as chief executive officer. In addition, government scientists recently issued a report estimating that most of the oil in the Gulf has been cleaned up or biodegraded.

But the outlook for the stock remains mired by questions about the ultimate financial toll of the spill.

"Yes, some uncertainty seems to have been eliminated," said Mark Gilman, an analyst at The Benchmark Company. "But the liability portion of it is still up in the air, as well as the degree to which it will be shared by partners."

Some of the costs related to the spill could be paid by BP’s non-operating partners Anadarko Petroleum (APC, Fortune 500), which owns 25% of the broken well, and Mitsui Oil Exploration, which owns 10%. But those companies could be off the hook if the courts determine that BP was grossly negligent.

Investors are also worried the Gulf spill could make it harder for BP to win drilling contracts in other regions of the world. But Gilman downplayed those concerns, saying BP is an industry leader when it comes to technical expertise, particularly in deepwater drilling.

Despite the uncertainty hanging over the stock, some analysts say BP is well positioned for the future.

"I think the stock still a far cry from where it should be trading based on fundamentals," said Fadel Gheit, an analyst at Oppenheimer & Co., adding that he thinks the stock is worth about $59 a share.

He said the asset sales BP has planed to cover costs related to the spill should not undermine the company’s long-term prospects. Even after it sells the $30 billion worth of assets, BP will still be the second largest oil and gas company in the world after Exxon Mobil (XOM, Fortune 500), according to Gheit.

In its most recent quarterly financial statement, BP reported a $32.2 billion charge for costs related to the spill, including the $20 billion it has set aside to pay damages. The charge, the company said, is based on the assumption that BP was not grossly negligent.

However, if that assumption turns out to be wrong, the costs to BP could more than double, Gheit said.

It’s no wonder that investors aren’t completely convinced that BP is out of the woods just yet.

"There are so many uncertainties," said Morris. "It’s hard to jump back into the stock with both feet." 

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The government-run company said Thursday it lost $1.2 billion in the second quarter, down significantly from an $11.5 billion loss in the prior quarter. Last quarter’s loss was the smallest since the government took Fannie Mae and Freddie Mac into conservatorship in September 2008.

Fannie said it continues to suffer credit losses from home loans issued between 2005 and 2008. Although those losses will continue in the future, the company said it believes it has reserved enough "for the substantial majority of these losses."

That didn’t stop Fannie from asking for another $1.5 billion in government aid. The Treasury Department has given the company a total of $85 billion over the past two years payday loans. But those loans are expensive, carrying a hefty interest rate that forced Fannie to pay $1.9 billion back to the Treasury last quarter.

The company said the loans it is currently purchasing are subject to much higher underwriting standards than the ones of the past several years, carrying the lowest early "serious" delinquency rates in a decade.

"We are focused on sustainable homeownership, and our higher underwriting and eligibility standards reflect that," said Mike Williams, Fannie Mae’s chief executive, in a statement. "Across our industry, we are seeing a more realistic approach to housing and lending that bodes well for the future." 

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Guilmart will relocate to Singapore, which Kulicke & Soffa described as the center of the company’s global operations. In a news release, the company said other headquarters functions will also relocate to Singapore later in fiscal 2011

Hillsboro-based Lattice (NASDAQ: LSCC) said that Guilmart’s resignation will take effect Sept. 4.

He will be replaced on an interim basis by Christopher M. Fanning until a permanent replacement is found. Manning is now the company’s vice president and general manager for low density and mixed-signal solutions.

Guilmart has been credited for turning around Lattice, a manufacturer of programmable logic chips, that until January had not turned a quarterly profit in 9 years.

Under Guilmart, the company shifted away from competing in high-end electronics — a low-volume business already saturated by larger competitors — to focus on low-cost, high-volume market segments. It went from a company whose chips were found mostly in electronics costing $10,000 and above to one whose chips were used in less expensive consumer electronics such as flat panel TVs and laptops.

In addition, Lattice also put emphasis on adding high-quality to its lower-cost products.

Lattice, with $194 million in 2009 sales, last month reported its third consecutive profitable quarter.

“Bruno has been instrumental in Lattice’s return to profitability and we wish him well in his future endeavors,” Lattice Chairman Patrick S. Jones said in a news release. “We are grateful to him for his efforts and success at helping Lattice better realize the company’s potential.”

Guilmart joined Lattice in June 2008 after a stint as CEO of Unisem Group, a Malaysian company that assembles and tests semiconductors. Before that he was president and CEO of Advanced Interconnect Technologies, which Unisem purchased in April 2007.

Guilmart takes over at Fort Washington, Pa.-based Kulicke & Soffa (NASDAQ: KLIC), a maker of semiconductor and LED assembly equipment, for C. Scott Kulicke, who has been the company’s CEO for 31 years. The company reported 2009 sales of $225 million.

Lattice’s interim CEO, Fanning, joined the company in 1997 and has also served as vice president of both enterprise solutions and strategic planning. Before joining Lattice, he worked for The Boston Consulting Group, an international management consulting firm.

Lattice released the news of Guilmart’s departure after the market closed.

Its shares closed Friday up nearly 2 percent to $5.44, but fell 3.7 percent in after-hours trading to $5.12. Shares have traded between $1.87 and $6.02 in the past 52 weeks.

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Prices for 20-game plans range from $19 per ticket in the upper level to $260 a game near the ice at Jobing.com Arena in Glendale. Prices for 11-game plans range from $23 to $270 per ticket, more than seats under the 20-game plan but still lower than individual gate prices by between $13 to $84 per game.

That compares to individual gate prices of between $36 and $354 per ticket and season tickets between $10 and $255 per ticket for 41 games. The 20 and 11-game plans do not include seats in the last four rows of the upper level, which run $21 at the gate and $10 for season tickets.

The Coyotes made the playoffs for the first time since 2002 last season. The team’s ownership situation, however, still hangs over the team’s long-term future in Arizona. Ice Edge Holdings LLC is trying to work out a deal to buy the team from the National Hockey League and ink a lease with the city of Glendale for Jobing.com Arena.

The Coyotes are planning an open house for fans on Aug. 12 from 6 to 8 p.m. at the suburban arena.

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The Dow Jones industrial average (INDU) lost 30 points, or 0.3%, the S&P 500 (SPX) index dipped 4 points or 0.4% and the Nasdaq (COMP) composite dropped 13 points, or 0.6%.

After an early boost from Exxon Mobil and a drop in weekly jobless claims, the market’s tone turned negative.

"A lot of the earnings have been good, but the Fed speak and the economic reports over the last two days have not been helping," said Joseph Saluzzi, co-head of equity trading at Themis Trading.

Plaguing the market were worries about Friday’s initial GDP report for the second quarter and Federal Reserve Bank of St. Louis President James Bullard’s warning about the threat of deflation to the economy.

The GDP report is expected to show second-quarter growth at a 2.5% annualized rate, down from the 2.7% rate reported for the quarter.

Bullard warned that the Fed’s current policies were putting the United States at risk of falling into an extended period of falling wages and prices.

The warning was noteworthy because Bullard, a voting member of the Fed’s policy committee, has previously been an inflation hawk, more focused on the threat of higher prices and costs.

"Stocks are driven by companies’ ability to drive earnings growth and most of the earnings and forecasts have been looking pretty good," said Dave Hinnenkamp, CEO at KDV Wealth Management. "But investors are still jittery because of all the headline news on the economy."

Low summer trading volume exacerbated the market moves. "There’s such slight volume that you’re seeing these quick reactions," Saluzzi said.

Stocks were also vulnerable near the end of a strong month in which all three major indexes have risen just short of 7%, as of Thursday’s close.

On Wednesday, the markets finished lower on a worse-than-expected durable goods orders report and weaker quarterly results from Boeing.

Quarterly results: Dow component Exxon Mobil (XOM, Fortune 500) reported higher quarterly earnings and revenue thanks to an increase in oil prices versus a year ago. Earnings results topped estimates, but analysts surveyed by Thomson Reuters expected higher year–over-year revenue growth. Shares fell 0.9%.

Colgate-Palmolive (CL, Fortune 500) tumbled 6.8% after the maker of toothpaste and pet food products reported second-quarter sales that were shy of forecasts. The company said weaker consumer spending accounted for slower sales, as well as the impact of devaluation of the Venezuelan currency. Colgate cut its full-year profit outlook.

A number of consumer stocks tumbled as well, including Dow components Procter & Gamble (PG, Fortune 500) and Kraft Foods (KFT, Fortune 500).

On the upside, consumer products maker Avon Products (AVP, Fortune 500) reported higher quarterly revenue and earnings that topped expectations. The company said increased sales of beauty products and strength in its Latin American market helped to offset weakness on home products and the impact of currency fluctuations. Shares gained 2.5%

Company news: Trading in Cisco Systems (CSCO, Fortune 500) was briefly halted in the late morning after it triggered a circuit breaker by jumping at least 10% in a five-minute period. NYSE Amex, where the trade occurred has said it will stand, following examination. Cisco shares ended down 0.8%.

Circuit breakers were instituted in the wake of the May 6 "flash crash" in which the Dow lost nearly 1000 points in a matter of minutes before recovering due to faulty trades.

Amazon (AMZN, Fortune 500) released the Kindle 3 on Wednesday, the newest version of its e-reader. Due to the ongoing e-reader price war, the company also released a cheaper model that sells for $139. Shares ended little changed.

Jobs: The number of Americans filing for first-time unemployment benefits fell by 11,000 to 457,000 last week, the Department of Labor reported in the morning. Claims were expected to dip to 464,000, according to a consensus of economists surveyed by Briefing.com.

Continuing claims, a measure of Americans who have been receiving benefits for a week or more, rose to 4,565,000 from 4,484,000 in the previous week. Economists expected 4,550,000 claims on average.

World markets: European markets fell. The CAC 40 in France fell 0.5%, Germany’s DAX fell 0.7% and the FTSE 100 lost 0.1%.

Asian markets were mixed. Japan’s Nikkei fell 0.6%. The Hong Kong Hang Seng index ended just above unchanged. The Shanghai Composite gained 0.6%.

Currencies and commodities: The euro fell against the dollar, while the U.S. currency gained versus the Japanese yen.

U.S. light crude oil for September delivery rose $1.27 to $78.26 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery climbed $7.60 to $1,168.50 per ounce.

Bonds: Treasury prices were little changed, with the yield on the 10-year note at 3%, roughly where it stood late Wednesday. Bond prices and yields move in opposite directions.

Market breadth: Breadth was mixed. On the New York Stock Exchange, winners narrowly beat losers on volume of 1.18 billion shares. On the Nasdaq, decliners topped advancers on volume of 2.33 billion shares. 

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AmEx (AXP, Fortune 500) shares were down 2% in after-hours trading. The financial services company said its net income for the second quarter rose to $1.02 billion, from $337 million in the same period last year.

AmEx earned 84 cents a share in the latest quarter, up from 9 cents a year earlier. Analysts polled by Thomson Reuters had expected earnings of 78 cents per share.

Sales for the New York-based firm, net of interest expense, were $6.86 billion, up 13% from $6.1 billion a year ago. That beat analysts’ forecast of $6.84 billion.

Though the results for the second quarter were upbeat, chief executive Kenneth Chenault warned that AmEx customers, like other Americans, are deleveraging their debt as they focus on buying only what they can afford Online payday loans.

"Today’s cardmembers are borrowing less and paying down more of their outstanding debt," Chenault said in a prepared statement. "Over the last several quarters, this has translated into lower interest revenue."

Chenault said the company remains cautious about economic conditions, as well as Wall St. reform and difficult year-over-year comparisons in the second half of 2010.

In a conference call, chief financial officer Dan Henry also commented on changes in customer behavior and new legislation.

"It will be interesting to see how those customers react if [companies] have to put fees on debit products," Henry said. "There’s a lot of scenarios out there, and we’ll have to see how that plays out over time." 

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The Shanghai Composite is down 22% year-to-date with much of the selloff attributed to worries about China’s economy overheating.

However, last week’s news that China’s economy is still growing super-fast — but just a pinch more slowly than it was — helped quell some jitters. Over the past five days, the Shanghai Composite gained 5.7%.

But throw in the impact of the European debt crisis and the yuan (China agreed to let it fluctuate and ultimately rise but many say it’s still too low), and you still have a lot of uncertainty to contend with.

"China has grown between 8% and 10% a year over the last 25 years and that pace of growth should continue for the next decade," said Henry Zhang, co-portfolio manager of the $2.5 billion Matthews China Fund (MCHFX) — an Asia only investment firm in San Francisco.

" But this is not an area of the market where you trade in and out in a three- or six-month period," he said. "Think 3 to 5 years at least."

How to invest: You can buy individual stocks that have ADRs (American Depositary Receipts) trading in the United States, but a safer bet would be either a fund or exchange-traded fund (ETF) that is either China specific or focuses on emerging markets with a China focus.

The most popular China ETF is the iShares FTSE Xinhua China 25 (FXI), a fund that includes the 25 largest companies that trade in Hong Kong. The fund is only up 2% over the past year, but it has gained a whopping 94% over the past five years.

"If inflation and overheating growth hurt China and you’re in a China fund, you’re going to face a lot more risk," said Bill Rocco, a senior fund analyst specializing in emerging markets at Morningstar.

If investors are looking for a pure China play, which Rocco says could be a very risky bet, the best option would be the Matthews China Fund.

Concerns about Chinese bank lending have been exacerbated in recent weeks with the IPO for The Agricultural Bank of China having a pretty lukewarm debut on the Shanghai Composite last week paperless payday loans.

Where to place your bets: Rocco recommends the T. Rowe Price Emerging Market Stock Fund (PRMSX) for broad exposure. The fund has jumped 23% over the past year and gained 66% over the past five years.

"Emerging market growth is set to outpace the developed world over the next few years," said Mark Edwards, manager of the $4.5 billion fund.

He said investors can play that growth though the construction and commodity firms that will fuel the expansion, particularly since infrastructure stocks have slipped over the last six months after years of rallying.

Morningstar’s Rocco also likes Harding Loevner Emerging Markets Fund (HLEMX), Dreyfus Emerging Markets (DRFMX), Matthews Pacific Tiger Fund (MAPTX) and Matthews Asian Growth and Income Fund (MACSX).

Another good bet might be the Spider S&P China ETF (GXC), said Patricia Oey, Morningstar’s Emerging Markets ETF expert. Spider S&P holds a broader range of stocks than the iShares ETF — about 130, and it invests in stocks that are traded both in Hong Kong and in the United States. She also likes the PowerShares Golden Dragon China (PGJ) ETF.

Both have a variety of companies, including those that play into the growing spending power of the Chinese consumer, a trend all the analysts say is going to persist for some time. To broaden out, Oey said investors may want to consider the iShares All Country Asia ex Japan (AAXJ) index fund, which includes financials, telecom services, consumer staples and energy firms.

"Traditionally, China’s growth has been fueled by exports, but the next leg of growth is the rising middle class, the wave of domestic-oriented growth," Oey said.

Matthews’ Zhang likes companies that participate in education, healthcare and even infrastructure building - although that sector has taken some knocks recently. He likes Ctrip.com (CTRP), the "Chinese version of Travelocity or Expedia," and China Mobile (CHL). Over the past year, Ctrip shares have jumped 60%, while China Mobile’s stock has slipped 1.4%. 

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