‘Happy Anniversary.’ Did You Forget?
Stocks are flat Friday, the
last trading day of the month. It’s a
mixed picture as traders focus on the upcoming
election, hoping for a clear outcome.
GDP came in at +3.7%, below expectations but above the previous quarter. Chicago
PMI was 68.5 for October vs 61.9 for September. A reading above 50
indicates expansion. The University of Michigan consumer sentiment index
improved to 91.7 from 87.5 earlier in the month.
Today is the 75th
anniversary of Black Tuesday–the most well-known day of the 1929 crash. The Dow
fell 23.9% in two days–Monday and Tuesday–and fueled a panic that resulted in
the Great Depression. Those two days were actually the third and fourth largest
one-day percentage losses for the Dow. The largest crash was actually in 1914,
followed by the 1987 crash when the Dow lost 508 points, or 22.6%.
| Dow | +6.05 | 10011.33 |
| S&P 500 | +2.03 | 1127.43 |
| Nasdaq | -6.16 | 1969.56 |
Strong sectors are: Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +1.29%, Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +1.14%, Oil
(
XOI.X |
Quote |
Chart |
News |
PowerRating) +0.92%.
Weak sectors are:Â Internet
(
GIN.X |
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Chart |
News |
PowerRating)
-1.18%, Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) -0.90%, Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -1.00%.
The dollar is -0.19 at
85.09
Gold is +1.00 at 426.90
Crude Oil is +0.13 at 51.05
768 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1430 | Up Vol 252 |
| Declining | 1634 | Down Vol 305 |
| Ratio | 1.14 | 1.21 |
| Nasdaq |
||
| Advancing | 1123 | Up Vol 336 |
| Declining | 1735 | Down Vol 385 |
| Ratio | 1.54 | 1.14 |
Stocks in the News
Bristol Myers
(
BMY |
Quote |
Chart |
News |
PowerRating) beat by 0.05 and reaffirmed guidance.
Avon
(
AVP |
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Chart |
News |
PowerRating) beat by 0.03 and raised year guidance.
Anadarko Petroleum
(
APC |
Quote |
Chart |
News |
PowerRating) reported 1.87 vs an estimate of 1.65.
Clear Channel
(
CCU |
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Chart |
News |
PowerRating) beat by a penny at 0.04; a year ago the
company earned 1.03.
Allstate
(
ALL |
Quote |
Chart |
News |
PowerRating) said it received a subpoena from the Connecticut
attorney general.
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) received an ‘approvable’ letter from the FDA for its
Arcoxia application.
Aon
(
AON |
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Chart |
News |
PowerRating) said quarterly earnings fell because of “softening market
conditions.”
Gateway
(
GTW |
Quote |
Chart |
News |
PowerRating) reported its first operating profit in nearly three
years.
Brice Wightman