The Dow Now: Microsoft Continues to Bask in Windows 8 and Surface Glow

By Sterling Wong  NOV 01, 2012 12:20 PM

Caterpillar and United Technologies were also up.


MINYANVILLE ORIGINAL After closing out October with their first monthly loss since May, US benchmark stock indexes rose sharply in mid-Thursday trading after two positive signs in the labor market.
The ADP reported that the private sector added 158,000 jobs in October, more than the 155,000 predicted by economists. Initial jobless claims also dipped 23,000 to 363,000.
The Dow Jones Industrial Average (INDEXDJX:.DJI) is up 1.09% to 13,238.84 points as of 12:01 p.m. EDT

Leading the day’s rally were tech stocks, including Microsoft (NASDAQ:MSFT), whose upwards momentum from yesterday was carried over. The stock gained 3.25% to $29.47, as Microsoft continues to bask in the glow of the releases of its Surface Tablet and Windows 8 operating system.
Economic bellwethers United Technologies (NYSE:UTX) (+1.97% to $79.70) and Caterpillar (NYSE:CAT) (+2.38% to $2.02) also rose sharply amidst rising optimism about the economy. United Technologies was also awarded a contract to build new engine technologies, while Caterpillar is believed to be one of the beneficiaries when reconstruction of Hurricane Sandy-wrecked areas begins.
Only four of the 30 Dow components were down on the day. The biggest decliner was Pfizer (NYSE:PFE). The pharmaceutical giant slid 1.33% to $24.54 after it cut its full-year earnings per share guidance to $2.14 - $2.17 from $2.12 - $2.22.
Wal-Mart (NYSE:WMT) also dipped 1.60% to $73.82 in a bearish day for big-box retailers. Costco (NYSE:COST) (-0.34%) and Target (NYSE:TGT) (-0.65%) fell as well.

Twitter: @sterlingwong
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.