"A poor performance out of Europe weighed on U.S. markets this
morning, but stocks picked up a bit around midday, and by the end
of the session, most major markets finished slightly in the green,"
said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Tomorrow,
we'll finally see the confirmation hearing of the next potential
Federal Reserve Chair, Janet Yellen. Many market participants will
be paying close attention for any clues as to when tapering might
begin." By day's end, both the
Dow Jones Industrial Average (DJI)
S&P 500 Index (SPX)
had recovered from early malaise to settle at new record highs.
Continue reading for more on today's market, including
Macy's, Inc. (
) surged on well-received earnings, Facebook Inc's (
) takeover bid was rejected by Snapchat, and Baidu Inc (ADR) (BIDU)
was hit with several lawsuits.
Dow Jones Industrial Average (DJI - 15,821.63)
shook off its morning lows, and touched a record intraday peak of
15,822.98 just ahead of the closing bell. By the end, the blue-chip
barometer was up 71 points, or 0.5% -- securing an all-time closing
high. Microsoft Corporation (MSFT) led the Dow's 24 advancers with
a gain of 2.1%, while a 1.1% loss for E I Du Pont De Nemours And Co
(DD) paced the six decliners.
S&P 500 Index (SPX - 1,782.00)
powered north throughout the day, and finished 14.3 points, or
0.8%, higher -- marking both a record intraday and closing high.
Nasdaq Composite (COMP - 3,965.58)
advanced 45.7 points, or 1.2%.
CBOE Volatility Index (VIX - 12.52)
surged at the sound of the opening bell, but lost its momentum
later in the day to close 0.3 point, or 2.3%, lower.
A Trader's Take
"We still remain in a bit of a consolidation phase, but today's
price action sent the S&P 500 Index (SPX) to a new all-time
high," Bell noted. "We are also wrapping up the third-quarter
earnings season, and overall, it was a pretty good quarter.
Although we didn't get a very high percentage of companies beating
on revenues, the earnings-beat rate was quite impressive."
3 Things to Know About Today's Market
- Macy's, Inc. (
) reported a
of $177 million, or 47 cents per share, up from $145 million, or
36 cents per share, in the year-ago period. Meanwhile, same-store
sales climbed 3.5%. Analysts, on average, had expected per-share
earnings of 39 cents, and a 2.1% increase in comparable sales.
- Facebook Inc's (
$3 billion buyout bid
was rejected by Snapchat today. Although the mobile messaging
service is being courted by a number of other investors and
companies, sources say co-founder and CEO Evan Spiegel will not
likely consider any takeover offers until next year.
(The Wall Street Journal)
- The Bank of England (BoE) revised its
inflation, growth, and unemployment outlook
, prompting some investors to expect a rise in interest rates
sooner rather than later. According to the better-than-expected
forecast, the BoE said the unemployment rate in the U.K. could
hit 7% by the final quarter of 2014 -- two years earlier than
what was estimated in August.
5 Stocks We Were Watching Today
- Ahead of tomorrow's turn in the earnings confessional,
Wal-Mart Stores, Inc. (WMT)
scored a price-target hike this morning.
Zynga Inc (ZNGA)
attracted a near-term call seller, despite the stock's technical
prowess on the charts in recent months.
- Some negative headlines plagued
Baidu Inc (ADR) (BIDU)
, as the firm was hit with a round of copyright infringement
- Call volume swelled on
Tesla Motors Inc (TSLA)
, after CEO Elon Musk said the automaker will not recall its
Model S sedan.
Best Buy Co., Inc.'s (BBY)
new high triggered some bullish spread activity ahead of the
retailer's upcoming quarterly earnings report.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures climbed higher today, although gains were modest
ahead of the delayed crude inventories report. By the time the dust
settled, the December contract added 84 cents, or 0.9%, to close at
$93.88 per barrel.
Meanwhile, gold futures fell for the fifth consecutive session
amid ongoing tapering anxieties. December-dated gold dropped $2.80,
or 0.2%, to finish at $1,268.40 per ounce.
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