The focus on better-than-expected earnings and profit results reported by companies in recent days appears to be moving the markets and exchange traded funds (ETFs) up again in early trading.
Further adding to the upward push is the U.S. Labor Department's report that jobless claims fell 23,000 last week to 452,0000. A reported poll of economists had expected initial claims to fall to 450,000. It's a step in the right direction, but make no mistake: joblessness is still elevated.
Among the positive earnings the markets saw this morning:
- Stock of McDonald's (NYSE: MD ) is surging up more than 2% in early trading after the fast-food giant said third-quarter revenue and profit exceeded the prior year and beat analysts' projections. PowerShares Dynamic Food & Beverage (NYSEArca: Fast Food ETFs: Where the Consumers Are.]
- Shares of Peoria, IL based construction equipment maker Caterpillar (NYSE: CAT ) are down approximately 1% today, though the company reported third-quarter revenue and profit that soared above the year-prior and exceeded estimates. SPDR Dow Jones Industrial Average (NYSEArca:
Guggenheim China All-Cap (NYSEArca: ETF Spotlight on Chindia ETF.]
Gregory A. Clay contributed to this article.
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