European markets all finished higher today on signs that the
economy was continuing to grow after showing signs of weakening in
September. German factory orders, UK industrial production, and
Eurozone retail sales all showed solid gains from the prior month.
(INDEXEURO:PX1) was the best performer, up 0.89%.
Crude oil rebounded after two straight months of declines. Crude
oil for December delivery settled at a price of $94.80, up 1.1% for
today. Oil-producing companies that derive a large part of their
revenues from shale production came under intense pressure after
ambigious earnings reports from
(INDEXSP:.INX) gained 0.43% today after touching the prior record
high during the trading day.
The Dow Jones Industrial Average
(INDEXDJX:.DJI) reached a new record high on strength from
). Stocks that are largely driven by momentum and that have sizable
gains for the year showed multiple percentage losses on the day.
The weakest two sectors were health care and consumer
discretionary. Biotech and solar stocks in particular were very
weak. The best-performing sector was utilities.
MBA mortgage applications fell 7% from the prior week and declined
1.4% for the month of October. Though the market index can be
volatile on a week-to-week basis, alarmingly the purchases
component fell 5.2% and dipped into negative territory for the
News reports surfaced late in the trading day that
) IPO would price between $25 to $28 per share. The final price
will be released tonight and the shares will begin trading on the
NYSE tomorrow morning.
Tomorrow's Financial Outlook
Tomorrow the US will release the advance estimate of third-quarter
GDP. Economists expect the US economy to have grown at an
annualized rate of 2% during the quarter. Including inflation, the
US is forecast to have grown 3.4%. The other economic data point of
the day is jobless claims, which is forecast to decline to 335,000,
near their average from September and October.
The ECB will make its monthly monetary policy decision tomorrow
morning. It is widely expected that the central bank will ease
policy through either a rate cut or by offering new long-term
loans. The euro has fallen 1.56% vs. the dollar in anticipation of
this event. The Bank of England will also release its monetary
policy decision, and Australia will report its employment change
for the month of October.
Forty-three major US companies will report earnings tomorrow.
Notable reports include