Here’s What Caused The Spike Up This Morning

Stocks are higher on a drop in
crude oil.

The EIA said that crude inventories rose 4 million
barrels; distillate stocks fell 2.4 million barrels. New home sales for
September rose +3.5% to 1.206 million, better than expected. Orders for durable
goods rose in September for the third time in four months, +0.2%; ex
transportation +1.7%

Proctor & Gamble
(
PG |
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beat by a penny.

Boeing
(
BA |
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beat by 0.15 and guided higher for 2004.

Dow +60.61 9949.09
S&P 500 +7.25 1118.34
Nasdaq +29.27 1958.06

Strong sectors are: Airlines
(
XAL.X |
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+3.73%,
Internet

(
GIN.X |
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+2.62%, Semis
(
SOX.X |
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+2.23%.

Weak sectors are: Oil
Services

(
OSX.X |
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-2.65%, Gold
(
XAU.X |
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-2.37%, Natural Gas
(
XNG.X |
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-1.64%.

The dollar is +0.19 at
85.40

Gold is -1.40 at 423.90

Crude Oil is -1.32 at 53.85

ce=”Arial” size=”2″ face=”Arial”>Volume is 820  million on the NYSE
and 1.06 billion on the Nasdaq.

Market breadth is positive.

NYSE Issues
Advancing 2020 Up Vol 470
Declining 1088 Down Vol 267
Ratio 1.85 1.76
Nasdaq
Advancing 1751 Up Vol 792
Declining 1155 Down Vol 202
Ratio 1.51 3.92

Stocks in the News

Amerada Hess
(
AHC |
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missed by a mile, reporting $1.74 vs. a $2.08
estimate.

Centex
(
CTX |
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beat by 0.02.

Sina
(
SINA |
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reported a 24% jump in Q3 earnings.

UTStarcom
(
UTSI |
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beat by a penny.

Adobe
(
ADBE |
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guided higher for Q4.

Brice Wightman