CLOSING UPDATE: Possible Budget Resolution Drives Stocks Into Positive Territory
The stock market squeezed out a modest gain and closed on the plus side for the fourth consecutive day as U.S. federal budget developments continue to manipulate global finance markets. A triple-digit loss in the Dow at the open eventually evaporated as demand for equities materialized following a joint statement from Senate leaders Harry Reid and Mitch McConnell that fueled hopes for a resolution before Thursday's deadline. The Dow Industrial closed above the 50-day moving average for a second straight day helping to turn momentum indicators positive for all three indices.
Because of the Columbus Day holiday, the bond market was closed and the
Treasury did not conduct their regular weekly auction of 3 month and 6 month
bills. No economic data was released.
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 64, or 0.4%, to 15,301.26
S&P 500 was up 6, or 0.4%, to 1,710.14
Nasdaq Composite Index was up 23, or 0.6%, to 3,815.28
FTSE 100 was up 0.32%
Nikkei 225 was closed
Hang Seng Index was closed
Shanghai China Composite Index was up 0.43%
NFLX, Netflix in discussions with major cable-television operators to add its streaming video service to set-top boxes.
FU, Fab Universal rallied on the heels of an endorsement by Quantum Fund co-founder Jim Rogers' endorsement.
SWIR, Sierra Wireless has acquired all of the assets of AnyDATA Corporation's machine-to-machine embedded module and modem business.
EXPE, Downgraded by Deutsche Bank to Hold from Buy and the price target was slashed 22%
CNDO, Company's phase 2 clinical trial evaluating its TSO drug in 250 patients with moderate-to-severe Crohn's disease didn't meet its primary endpoint of improving response or he key secondary endpoint of remission.
FICO, Cut full fiscal year GAAP EPS to $2.47 and $2.51 per share, lower than the full-year GAAP earnings per diluted share guidance of $2.61 to $2.70 and expectations for $2.81.