Portfolio Crafter
10-23-2007, 12:03 AM
End of Day Market Summary - Monday, October 22, 2007
by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks rebounded on strength in technology stocks with investors expecting solid numbers from two of the sector's larger players, both scheduled to report on profits after the closing bell. Nasdaq helped the broader market eke out an advance in the choppy session following last week's big credit-market inspired sell-off.
The Dow Jones industrial average closed up 44.95 or 0.33% to 13,566.97, the broader S&P 500 closed up 5.70 or 0.38% to 1,506.33, and the tech-fueled Nasdaq composite closed up 28.77 or 1.06% to 2,753.93.
Volume on the New York Stock Exchange came to nearly 1.4 billion, as advancing stocks outran those declining 9 to 7. On the Nasdaq, nearly 2 billion shares were exchanged, and advancing issues topped decliners 3 to 2.
After last weeks sell-off, that was based on a mix of credit market fears and record oil prices, investors made tentative steps back into stocks Absence of worse news, announcement of some decent earnings, and a retreat in commodity prices, helped stocks bounce back a little. It is expected that in the short term, stocks could be primed to continue to bounce back, especially if the earnings news is positive.
With 26% of the S&P 500 earnings out, third-quarter growth is currently on track to have fallen 0.1% from a year ago. During the G7 meeting of the world's leading economic powers, the ministers predicted slowing global growth and also said that they would do what they could to limit the damage from the credit crisis.
Shares of Merck closed up $1.53 or 2.88% to $54.64, after reporting higher quarterly earnings and boosted its 2007 earnings outlook.
Shares of Bear Stearns Companies Inc. closed up $1.44 or 1.24% to $117.85, after it announced a strategic alliance with China's Citic Securities. The two have agreed to invest $1 billion in each other that will give the New York firm a foothold in the Chinese investment-banking market.
Stock of SanDisk closed up $1.40 or 3.28% to $44.11, on announcing a new product that will allow people to move files from their computers to their television, a direct challenge to Apple. A 4-gig version of TakeTV will cost $99 and one with 8 gigs of storage will cost $149.
Stock of Schering-Plough closed down $4.37 or 13.36% to $28.34, after reporting that earnings and revenue rose from a year ago, but missed estimates.
Oil prices retreated $1.04 to settle at $87.56 a barrel on the New York Mercantile Exchange. On Friday, oil briefly hit an all-time high of $90.07 a barrel in electronic trading.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks rebounded on strength in technology stocks with investors expecting solid numbers from two of the sector's larger players, both scheduled to report on profits after the closing bell. Nasdaq helped the broader market eke out an advance in the choppy session following last week's big credit-market inspired sell-off.
The Dow Jones industrial average closed up 44.95 or 0.33% to 13,566.97, the broader S&P 500 closed up 5.70 or 0.38% to 1,506.33, and the tech-fueled Nasdaq composite closed up 28.77 or 1.06% to 2,753.93.
Volume on the New York Stock Exchange came to nearly 1.4 billion, as advancing stocks outran those declining 9 to 7. On the Nasdaq, nearly 2 billion shares were exchanged, and advancing issues topped decliners 3 to 2.
After last weeks sell-off, that was based on a mix of credit market fears and record oil prices, investors made tentative steps back into stocks Absence of worse news, announcement of some decent earnings, and a retreat in commodity prices, helped stocks bounce back a little. It is expected that in the short term, stocks could be primed to continue to bounce back, especially if the earnings news is positive.
With 26% of the S&P 500 earnings out, third-quarter growth is currently on track to have fallen 0.1% from a year ago. During the G7 meeting of the world's leading economic powers, the ministers predicted slowing global growth and also said that they would do what they could to limit the damage from the credit crisis.
Shares of Merck closed up $1.53 or 2.88% to $54.64, after reporting higher quarterly earnings and boosted its 2007 earnings outlook.
Shares of Bear Stearns Companies Inc. closed up $1.44 or 1.24% to $117.85, after it announced a strategic alliance with China's Citic Securities. The two have agreed to invest $1 billion in each other that will give the New York firm a foothold in the Chinese investment-banking market.
Stock of SanDisk closed up $1.40 or 3.28% to $44.11, on announcing a new product that will allow people to move files from their computers to their television, a direct challenge to Apple. A 4-gig version of TakeTV will cost $99 and one with 8 gigs of storage will cost $149.
Stock of Schering-Plough closed down $4.37 or 13.36% to $28.34, after reporting that earnings and revenue rose from a year ago, but missed estimates.
Oil prices retreated $1.04 to settle at $87.56 a barrel on the New York Mercantile Exchange. On Friday, oil briefly hit an all-time high of $90.07 a barrel in electronic trading.
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