A late-day charge landed all major averages in positive territory.
The DJIA advances 0.7%. The S&P 500 is up 0.6%. The Nasdaq
Composite is up 0.2%. Stocks were mixed Monday but did get an early
boost from upbeat factory and housing reports before financial share
declines sapped those gains and sent the DJIA down by as much as 100
points at one time. Gold closed above $1,050 an ounce and oil ended
above $78 a barrel after the economic data.
Earnings news continues in evening trading. Among post-bell reports:
SYKE,
TXRH,
CUTR,
CGNX,
HTCH.
Stocks traded in choppy fashion throughout Monday's session.
Pre-market gains gave way to mixed early stock trading but stocks
regained their footing late morning after stronger-than-expected ISM
manufacturing, consruction and housing data.
The Institute for Supply Management said the manufacturing industry
grew at the fastest pace in October since April 2006. The ISM
manufacturing index rose to 55.7, much better than the 53 economists
had expected. It was the third month in a row the index came in above
50, which indicates growth.
Meanwhile, the National Association of Realtors says pending home
sales increased for the eighth straight month in September. The index
rose 6.1 percent from August to 110.1. It was the highest reading since
December 2006 and more than 21 percent above a year ago. Economists had
expected the index would be level at 103.8.
The Commerce Department also said construction spending increased
0.8 percent in September, matching the gain in August. Economists had
been expecting a 0.3 percent decline.
Steep losses Friday capped weekly declines measuring 4% for the
broad S&P 500. The dollar is mostly lower, helping boost oil. Oil
erases opening losses, last trading up at $77.54 per barrel. Gold is
down $7 at 1,040 per ounce.
In company news, Ford (
F) rallied after the company reports Q3
earnings of $0.29 per share. Ex items, EPS was $0.26 per share, up from
a year ago loss of $1.32 per share. The Street view was a loss of $0.12
per share. Revenue was $30.9 bln, down $800 mln from the year ago
quarter. Analysts were expecting revenue of $28.3 bln.
