Stocks Surge, Greenspan Admits Error, Oil Bounces

  • October 23, 2008
  • David Goodboy

Stocks closed mixed today with a surging DJIA and S&P 500, though the Nasdaq declined. Energy companies led the advance on oil bouncing and bargain hunting. During his testimony today before the House of Representatives, Alan Greenspan, admitted a flaw in his free market ideology leading to deeper questioning of the U.S. financial system. The DJIA closed up +172.04 to 8691.04, the Nasdaq dipped -11.84 to 1603.91 and the broad based S&P 500 added +11.33 to 908.11.

Amazon
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Boeing
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PowerRating) – Climbed 8.41% or $3.61 to $46.52/share after progress was made in ending the workers strike.

Goldman Sachs
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Smurfit Stone
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PowerRating) – Surged 20.69% or 0.18 cents to $1.05 after the CEO gave positive guidance regarding fourth quarter earnings.

Oil bounced off its lows adding $1.74 to $68.49, gold fell another $19.90 to $715.30 and the fear index VIX climbed 4.02% to $70.33

Market Snapshot

Dow

 +172.04 8691.04

NASDAQ

 -11.84 1603.91

S&P 500

 +11.33 908.11

Economic
News

New Home Sales (Sep): Consensus 458K, Prior 460K

Consumer Confidence (Oct): Consensus 54.0, Prior 59.8

Durable Orders (Sep): Consensus -0.5%, Prior -4.5%

Crude Inventories (Oct 25): Consensus NA, Prior NA

FOMC Policy Statement: Consensus NA, Prior NA

Chain Deflator-Adv. (Q3): Consensus 4.0%, Prior -1.1%

GDP-Adv. (Q3): Consensus -0.1%, Prior 2.8%

Initial Claims (Oct 25): Consensus NA, Prior NA

Employment Cost Index (Q3): Consensus 0.7%, Prior 0.7%

Personal Income (Sep): Consensus 0.1%, Prior 0.5%

Personal Spending (Sep): Consensus 0.1%, Prior 0.0%

Chicago PMI (Oct): Consensus 49.7, Prior 56.7

Mich Sentiment-Rev. (Oct): Consensus 67.0, Prior 57.5

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