Another Record For This Market
Stocks are up today
after a week of correction. The White House imposed temporary quotas
on various textile goods imported from China. The executive director of the US
Association of Importers of Textiles and Apparel responded, “Not a single job is
going back to the US because of this decision. Slapping the quota merely shifts
the trade to other countries.” Gold contracts finally hit the infamous $400 mark
while platinum fell from its 23-year high of $779 an ounce. Lastly, Housing
numbers released for the month of October showed a surprising rise of 2.9%, the
highest level since 1986.
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is up 0.32% at 9654.64. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
is up 0.35% at 1037.21. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is up 0.37% at
1888.20.
The day’s leading sectors are
GSTI Internet Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating), 1.61%, Morgan Stanley Healthcare
Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating), +1.54%, Utility Index
(
$UTY.X |
Quote |
Chart |
News |
PowerRating), +1.09%,
GSTI Multimedia Index
(
$GIP.X |
Quote |
Chart |
News |
PowerRating), +0.85%.
Weak today are Airline Index
[HAL.X|HAL.X] -3.31%, Computer
Hardware
(
$HWI.X |
Quote |
Chart |
News |
PowerRating), -1.80% and Disk Drive
(
$DDX.X |
Quote |
Chart |
News |
PowerRating),
-1.48%.
Economic news releases for
today included higher building permits numbers at 1.973 million. New housing
starts were up, at 1.96 million
10-year Notes are -85 at
113 160.
The dollar
is +0.36 at 90.77.
Gold is -0.22 at 395.40.
Crude Oil is -0.35 at
32.93.
Volume is 596,000,000 on
the NYSE, and 841,000,000 on the Nasdaq.
Market breadth is positive,
with NYSE advancing issues over declining issues by 1.43 and up volume over down
volume by 1.25; Nasdaq advancing issues over declining issues at 1.25, and up
over down volume at 1.29.
Top Dow stocks are:
General Electric [GE|GE],
+3.5% at 29.44, Hewlett Packard |HPQ|HPQ],
+2.23% at 22.13, Boeing [BA|BA],
+1.01% at 39.24, and Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating), +0.98% at 35.31
Stocks in the news:
General Electric
(
GE |
Quote |
Chart |
News |
PowerRating)
announced it will spin off its mortgage and life insurance unit, worth $10
billion, through an IPO.
Qwest
(
Q |
Quote |
Chart |
News |
PowerRating) reported net income of $1.83
billion. A $2.5 billion gain was from the sale of QwestDex operations and
revenue dropped to $3.57 billion. Q is trading 4% higher on the news.
Thrift store Big Lots
(
BLI |
Quote |
Chart |
News |
PowerRating)
experienced a 9.2% increase in sales to $948.1 million for the third quarter and
lost $6.4 million, excluding one-time charges.
Online advertiser Doubleclick
(
DCLK |
Quote |
Chart |
News |
PowerRating)
received a buy rating from Smith Barney, citing higher online ad spending by
retailers. The company’s price target was also raised to $12. Shares are up 8%
on the news.
If you have any comments or questions, please
feel free to email me.
bricew@tradingmarkets.com