You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

Reply #49: 16:50 - I believe we have WS closure. But do keep comments coming!! [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-16-06 03:54 PM
Response to Original message
49. 16:50 - I believe we have WS closure. But do keep comments coming!!
Dow 11,980.60 Up 20.09 (0.17%)
Nasdaq 2,363.84 Up 6.55 (0.28%)
S&P 500 1,369.05 Up 3.43 (0.25%)
10-Yr Bond 4.7880% Down 0.0180

NYSE Volume 2,248,854,000
Nasdaq Volume 1,875,105,000

4:20 pm : Stocks extended their winning streak to three on Monday and, more notably, lifted the Dow to within 3 points of 12,000 before closing at another new all-time high of 11980.60.

After stumbling out of the gate on early profit taking efforts, it didn't take long for the market's underlying bullish tone to resurface and again sideline those trying to fight the upward trend in equities. Even though the Q3 earnings season is not expected to begin in earnest until Tuesday, any evidence to support a 13th straight quarter of double-digit profit growth for the S&P 500 kept investors keyed in on the bottom line.

Better than expected Q3 earnings from Eaton (ETN 75.53 +5.23) and WW Grainger (GWW 72.70 +2.18), coupled with a stronger than expected early read on October manufacturing conditions which suggested the much desired soft landing remains on track, provided a floor of support for the Industrials sector. Even the sector's transportation components turned in notable performances despite dealing with a third consecutive rise in oil prices.

Directly benefiting from crude's 2.4% climb back toward $60/bbl was the profit engine that is Energy - the day's best performing sector (+2.2%). Crude oil was up in sympathy with cold weather in parts of the U.S. boosting the prices of natural gas futures (+14%).

The financial sector was also in focus after Charles Schwab (SCHW 17.10 -0.46) beat expectations and Wachovia (WB 55.25 -1.22) matched Wall Street forecasts. However, with SCHW shares up more than 30% since bottoming out in mid-July, shareholders took some money off the table. In turn, Wachovia missing on its top line renewed some concerns about how much of an impact an inverted yield curve will have on other money center banks. Thus, the absence of leadership in Financials kept blue chip gains at a minimum and left investors still waiting for the Dow to reach its next milestone. DJ30 +20.09 NASDAQ +6.55 SP500 +3.44 NASDAQ Dec/Adv/Vol 1093/1942/1.85 bln NYSE Dec/Adv/Vol 1015/2243/1.42 bln

3:30 pm : A renewed wave of buying entering the final stretch now has the Dow just 10 points away from 12,000. Market breadth remains positive as eight out of 10 sectors post gains. With oil closing higher for a third straight session and up 2.4% on the day, it's easy to see why Energy (+2.2%) is pacing the way higher. Materials continues to hold on to the #2 spot in terms of performance (+0.8%) but the influential Industrials sector is providing more notable leadership, getting a boost after Eaton (ETN 74.76 +4.46) and WW Grainger (GWW 72.37 +1.85) topped analysts' expectations. DJ30 +29.61 NASDAQ +7.63 SP500 +3.58 NASDAQ Dec/Adv/Vol 1157/1840/1.51 bln NYSE Dec/Adv/Vol 1092/2138/1.11 bln
Printer Friendly | Permalink |  | Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC