Portfolio Crafter
10-18-2007, 04:06 AM
End of Day Market Summary - Wednesday, October 17, 2007
by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks closed mixed on after escalating oil prices quashed an earlier rally, but the technology-dominated Nasdaq Composite retained solid gains on profits from bellwethers United Technologies Corp. and Intel Corp. Market was affected by the rise in crude-oil futures as well as comments by President Bush, who told a White House news conference that the United States is trying to discourage Turkey from sending troops into Iraq. Investors mulled upbeat earnings reports, mixed economic readings and oil prices near record highs.
The Dow Jones industrial average closed down 20.40 or 0.15% to 13,892.54, the broader S&P 500 closed up 2.71 or 0.18% to 1,541.24, and the tech-fueled Nasdaq composite closed up 28.76 or 1.04% to 2,792.67.
Market breadth was negative. On the New York Stock Exchange, winners edged losers 16 to 15 on volume of 1.42 billion shares. On the Nasdaq, decliners beat advancers by a slim margin on volume of 2.39 billion shares.
The upbeat earnings helped investors to look beyond the high oil prices. However, a combination of the record high oil prices and the consumer price report revived worries about inflation. Investors are worried that the inflation numbers could mean the Federal Reserve won't be able to cut rates again when it meets at the end of the month.
Federal Reserve Chairman Ben Bernanke's speech added to bets that the Fed may not cut short-term interest rates again, as some have hoped. The Federal Reserve's "Beige Book" periodic survey of the economy, showed that economic growth continued to expand in September and early October, but at a slower pace than in August. Another report showed that consumer prices rose more than expected in September
Shares of Yahoo closed up $2.13 or 7.98% to $28.82, on reporting higher quarterly sales and profits that topped estimates. The company also issued a fourth-quarter revenue outlook that was in line with forecasts. It reported sales of $1.77 billion, up 12% from a year ago.
Excluding advertising sales, the company reported revenue of $1.28 billion, an increase of 14%.
Stock of Intel closed up $1.24 or 4.87% to $26.72, as a result of a jump in sales and profit that was better than expected. Its third-quarter earnings reached $1.9 billion, a 43% increase over the same period last year. Its revenue was $10.1 billion, a 15% increase over the same quarter last year.
Shares of IBM closed down $3.82 or 3.19% to $115.78, despite reporting strong earnings as investors had a 'sell the news' response.
The company earned $2.36 billion, up from $2.22 billion last year. Revenue in the third quarter rose 7% to $24.1 billion from $22.6 billion a year ago.
News that Turkey has approved military action in Iraq sent U.S. light crude oil for November delivery to an all-time trading high of $89 a barrel. However, it finished lower, with the contract for November delivery off 21 cents at $87.12.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks closed mixed on after escalating oil prices quashed an earlier rally, but the technology-dominated Nasdaq Composite retained solid gains on profits from bellwethers United Technologies Corp. and Intel Corp. Market was affected by the rise in crude-oil futures as well as comments by President Bush, who told a White House news conference that the United States is trying to discourage Turkey from sending troops into Iraq. Investors mulled upbeat earnings reports, mixed economic readings and oil prices near record highs.
The Dow Jones industrial average closed down 20.40 or 0.15% to 13,892.54, the broader S&P 500 closed up 2.71 or 0.18% to 1,541.24, and the tech-fueled Nasdaq composite closed up 28.76 or 1.04% to 2,792.67.
Market breadth was negative. On the New York Stock Exchange, winners edged losers 16 to 15 on volume of 1.42 billion shares. On the Nasdaq, decliners beat advancers by a slim margin on volume of 2.39 billion shares.
The upbeat earnings helped investors to look beyond the high oil prices. However, a combination of the record high oil prices and the consumer price report revived worries about inflation. Investors are worried that the inflation numbers could mean the Federal Reserve won't be able to cut rates again when it meets at the end of the month.
Federal Reserve Chairman Ben Bernanke's speech added to bets that the Fed may not cut short-term interest rates again, as some have hoped. The Federal Reserve's "Beige Book" periodic survey of the economy, showed that economic growth continued to expand in September and early October, but at a slower pace than in August. Another report showed that consumer prices rose more than expected in September
Shares of Yahoo closed up $2.13 or 7.98% to $28.82, on reporting higher quarterly sales and profits that topped estimates. The company also issued a fourth-quarter revenue outlook that was in line with forecasts. It reported sales of $1.77 billion, up 12% from a year ago.
Excluding advertising sales, the company reported revenue of $1.28 billion, an increase of 14%.
Stock of Intel closed up $1.24 or 4.87% to $26.72, as a result of a jump in sales and profit that was better than expected. Its third-quarter earnings reached $1.9 billion, a 43% increase over the same period last year. Its revenue was $10.1 billion, a 15% increase over the same quarter last year.
Shares of IBM closed down $3.82 or 3.19% to $115.78, despite reporting strong earnings as investors had a 'sell the news' response.
The company earned $2.36 billion, up from $2.22 billion last year. Revenue in the third quarter rose 7% to $24.1 billion from $22.6 billion a year ago.
News that Turkey has approved military action in Iraq sent U.S. light crude oil for November delivery to an all-time trading high of $89 a barrel. However, it finished lower, with the contract for November delivery off 21 cents at $87.12.
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