Stock averages end near the session highs as the Nasdaq joined the
broader indexes in the green during afternoon trading. Both the DJIA
and S&P 500 finish with 1% gains. Stocks had declined over two days
after reaching fresh highs for the year to start the week.
Investors reacted to solid earnings from blue-chip companies like
McDonald's (
MCD) and Xerox (
XRX). The Nasdaq slogged around in negative
territory for much of the day after results from online acution giant
eBay (
EBAY).
Economic data were mixed.
A rise in September leading economic indicators gave some support
to stocks. The Conference Board's index of leading economic indicators
rose 1 percent last month after a 0.4 percent gain in August. Wall
Street economists expected an increase of 0.8 percent last month,
according to a survey by Thomson Reuters.
Earlier, the stock market digested mildly disappointing jobless
claims data, reported before the market opened. First-time jobless
benefits claims for the week ended Oct. 17 rose 11,000 to 531,000,
according to a report out this morning. Economists had expected only a
slight increase, according to Thomson Reuters. The prior week's claims
level was revised higher by 6,000 to stand at 520,000. Claims had
declined in back-to-back weeks. The less-volatile four-week moving
average of new claims slipped to 532,250, the lowest level since
mid-January.
The Labor Department also reported that continuing jobless claims
for the week ended Oct. 10 fell to 5.92 million, off 98,000. This is
the lowest level since the week ended March 28.
NYSE up 75.5 (1.1%) to 7,182.91.
-DJIA up 131.95 (1.3%) to 10,081.
-S&P 500 up 11.5 (1.1%) to 1,093.
-Nasdaq up 14 (0.7%) to 2,165.
GLOBAL SENTIMENT
Hang Seng down 0.48%
Nikkei down 0.64%
FTSE down 0.85%
DOWNSIDE MOVERS
(-) TQNT sees continued downside reaction to Q4 warning.
(-) HBAN loss is deeper than Street view.
(-) EBAY sees continued downside reaction to disappointing Q4 guidance.
(-) UPS beats with Q3, Q4 guidance straddles Street view.
UPSIDE MOVERS
(+) DOW beats earnings estimates.
(+) MCD beats by 4 cents.
(+) XRX beats with Q3, guides in line.
(+) MMM easily beats with results, raises FY EPS view.
