Dow Jones Industrial Average Makes New Record High
Today's financial recap and tomorrow's financial outlook.
Crude oil rebounded after two straight months of declines. Crude oil for December delivery settled at a price of $94.80, up 1.1% for today. Oil-producing companies that derive a large part of their revenues from shale production came under intense pressure after ambigious earnings reports from Gulfport Resources (NYSE:GPOR) and EOG Resources (NYSE:EOG).
The S&P 500 (INDEXSP:.INX) gained 0.43% today after touching the prior record high during the trading day. The Dow Jones Industrial Average (INDEXDJX:.DJI) reached a new record high on strength from Microsoft (NASDAQ:MSFT). Stocks that are largely driven by momentum and that have sizable gains for the year showed multiple percentage losses on the day. The weakest two sectors were health care and consumer discretionary. Biotech and solar stocks in particular were very weak. The best-performing sector was utilities.
MBA mortgage applications fell 7% from the prior week and declined 1.4% for the month of October. Though the market index can be volatile on a week-to-week basis, alarmingly the purchases component fell 5.2% and dipped into negative territory for the month.
News reports surfaced late in the trading day that Twitter's (NYSE:TWTR) IPO would price between $25 to $28 per share. The final price will be released tonight and the shares will begin trading on the NYSE tomorrow morning.
Tomorrow's Financial Outlook
Tomorrow the US will release the advance estimate of third-quarter GDP. Economists expect the US economy to have grown at an annualized rate of 2% during the quarter. Including inflation, the US is forecast to have grown 3.4%. The other economic data point of the day is jobless claims, which is forecast to decline to 335,000, near their average from September and October.
The ECB will make its monthly monetary policy decision tomorrow morning. It is widely expected that the central bank will ease policy through either a rate cut or by offering new long-term loans. The euro has fallen 1.56% vs. the dollar in anticipation of this event. The Bank of England will also release its monetary policy decision, and Australia will report its employment change for the month of October.
Forty-three major US companies will report earnings tomorrow. Notable reports include Apache (NYSE:APA), Walt Disney (NASDAQ:DIS), Priceline.com (NASDAQ:PCLN), Arena Pharmaceuticals (NASDAQ:ARNA), Nvidia (NASDAQ:NVDA), Groupon (NASDAQ:GRPN), FireEye (NASDAQ:FEYE), and Rocket Fuel (NASDAQ:FUEL).
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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.
Daily Recap Newsletter