Markets started the day lower & remained slightly under water for the balance of the day. Dow dropped 14, decliners ahead of advancers almost 3-2 but NAZ was up pennies. The Financial Index fell from yesterday's yearly high. Banks were hurt by a key analyst at Goldman Sachs who was “far less bullish” on banking shares. Goldman Sachs (GS), which is also a bank, was downgraded to "neutral" & fell 2.92 (1½%).
S&P 500 FINANCIALS INDEX
Value____204.67
Change____-2.29
% Change__-1.1%
MLPs continued strong. The Alerian MLP Index was up 1.05 to 259.38, closing at its high. But REITs were weak, the Dow Jones REIT Index was off 2+. Junk bond funds were mixed to higher. Gold rose 1 to 74, near the high end of its 4+ month trading range, & gold gained 3 to 1059 (another record). Treasury bonds were strong, the 10-year Treasury bond rose dragging its yield down 7 basis points to 3.31%.
Johnson & Johnson (JNJ) fell 1.52 (2½%) after reporting sales slipped in Q3. There’s nervousness about many big earnings reports coming this week. The concept of "healthy skepticism" is being used to describe sentiment among investors who are optimistic but cognizant that things could turn around quickly. The market advance is way ahead of where the economy has come in its recovery phase.
In after hours, Intel (INTC), a Dow stock, reported EPS of 33¢ in Q3, more than double its Q2 EPS. The growth in qtr over qtr earnings suggests their business is "picking up." Of course, they are a bell weather stock for NAZ. The stock dropped a penny in regular trading but is up 9¢ on the gut reaction to the press release.
Intel Reports Strong Third-Quarter ResultsBusiness Wire(Tue 4:15pm)
No comments:
Post a Comment