Stocks Edge Higher, Add To Positive Week
The big news today was the release of
the October Employment Report (full
story). The Labor Department reported that Non-Farm Payrolls rose 56,000,
less than the 110,000 forecast, and the Unemployment Rate was 5%, slightly
better than expected.
The US Dollar Index is trading higher following the report as
the market figures that the report will not put an end to the Federal Reserve
rate rises. The Dollar hit a 26-month high versus the Yen and an 18-month high against the Euro. Treasuries are trading slightly lower (yields higher) across
the curve. Oil and Gas futures closed lower.
In stocks, today’s session was rather lackluster with the
major averages trading in a narrow range for the whole day. The final hour saw
just enough buying activity to push the broader indices slightly into positive
territory, led by the NASDAQ 100 and Composite.
None of the major market sectors were able to notch up a gain
of 1%. The energy sectors led the decline, posting losses of about 3%.
In earnings news; Noble Energy
(
NBL |
Quote |
Chart |
News |
PowerRating) announced Q3
financial results, reporting earnings that increased from last year on higher
revenue, driven by increased production and higher realized prices (more).
Fortune Brands
(
FO |
Quote |
Chart |
News |
PowerRating) reported Q3 net income of $92.2 million
or $0.61 per share, lower than $226.8 million or $1.52 per share in the third
quarter of 2004 (more).
Edison International
(
EIX |
Quote |
Chart |
News |
PowerRating) reported Q3 net income of $462
million or $1.41 per share, compared to net income of $813 million or $2.49 per
share in the same period last year (more).
| Dow |
+8.17 | 10,530.76 |
| NASDAQ |
+9.21 | 2169.43 |
| S&P 500 |
+0.20 | 1220.14 |
| NYSE | NASDAQ | |
| Volume |
1,964,143,000 | 1,699,397,000 |
| Advances |
1471 | 1441 |
| Declines |
1741 | 1558 |
| Up Volume |
884 | 950 |
| Down Volume |
883 | 664 |
| New Hi’s |
68 | 96 |
| New Lo’s |
87 | 58 |
|
|
Weakest Sectors |
| Biotechnology ( BTK | Quote | Chart | News | PowerRating) |
Oil Service ( OSX | Quote | Chart | News | PowerRating) |
| Healthcare ( HMO | Quote | Chart | News | PowerRating) |
Natural Gas ( XNG | Quote | Chart | News | PowerRating) |
| Health Products ( RXP | Quote | Chart | News | PowerRating) |
Oil ( XOI | Quote | Chart | News | PowerRating) |
Ashton Dorkins