Housing Let Down, Stocks Sink, Dollar Gains Traction

A spate of positive earnings was not enough to keep the bull run going for the session. A worse than expected housing starts report and a stronger dollar brought the stock market bears to the forefront. The DJIA gave back -50.71 to 10041.48, the Nasdaq fell -12.85 to 2163.47 and the broad based S&P 500 dropped -6.85 to 1091.06.

Pulte Homes
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PowerRating)
: Fell 5% or 53 cents to $10.08/share after the government report indicated that housing may be slowing.

Boeing
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PowerRating)
: Dropped 2.92% or $1.56 to $51.89/share upon Morgan Stanley advised to sell.

Lockheed Martin
(
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PowerRating)
: Sunk 6.49% or $5.00 to $71.99/share after its 2010 forecast missed estimates despite outperforming in the third quarter.

Boston Scientific
(
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PowerRating)
: A downgrade by Wells Fargo sent shares lower by 15.65% or $1.59 to $8.57.

Oil fell 52 cents to $79.09, gold gave back 50 cents to $1059.00 and the VIX index gave back 2.75% to 20.90.

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Market Snapshot

Dow

-50.71 10041.48

NASDAQ

-12.85 2163.47

S&P 500

-6.85 1091.06

Economic
News

Building Permits (Sep): Consensus: 590K, Prior: 579K

Housing Starts (Sep): Consensus: 610K, Prior: 598K

PPI (Sep): Consensus: 0.0%, Prior: 1.7%

Core PPI (Sep): Consensus: 0.1%, Prior: 0.2%

Crude Inventories (10/16): Consensus: NA, Prior: 0.33M

Fed’s Beige Book: Consensus: NA, Prior: NA

Initial Claims (10/17): Consensus: 517K, Prior: 514K

Continuing Claims (10/10): Consensus: 5990K, Prior: 5992K

Leading Indicators (Sep): Consensus: 0.9%, Prior: 0.6%

FHFA Housing Price Index (Aug): Consensus: 0.3%, Prior: 0.3%

Existing Home Sales (Sep): Consensus: 5.35M, Prior: 5.10M