Portfolio Crafter
11-03-2007, 02:11 AM
End of Day Market Summary - Friday, November 2, 2007
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Stocks capped a volatile trading day with modest gains after investors weighed a surprisingly strong October jobs report and an unexpected rise in factory orders against ongoing credit-related upheaval in the financial sector. While the indications are that the economy is in good shape, the mood is definitely pessimistic; as sub-prime is still the issue.
The Dow Jones industrial average closed up 27.23 or 0.20% to 13,595.10, the broader S&P 500 closed up 1.21 or 0.08% to 1,509.65, and the tech-fueled Nasdaq composite closed up 15.55 or 0.56% to 2,810.38. For the week, the Dow closed down 1.5%, the S&P lost 1.6% and the Nasdaq was unchanged.
Market breadth was negative. Losers edged out winners on the New York Stock Exchange on volume of 1.71 billion. Decliners barely beat advancers on the Nasdaq as 2.46 billion shares traded hands.
Investors worry that the value of many mortgage-backed securities has not been determined, as a result, financial firms may have to take additional losses in the coming months. This has resulted in downgrading of a number of stocks.
In economic news, the economy added 166,000 jobs, while the unemployment rate held steady at 4.7%. This was better than most economist expected. It is expected that the Wall Street should face a much slower week next week.
Shares of Chevron closed down $0.56 or 0.63% to $88.48, after stating that its quarterly earnings tumbled 26% - more than Wall Street had expected - due to tighter refining margins.
Stock of Viacom closed up $1.15 or 2.85% to $41.56, on reporting better than expected profits, helped by the sale of its music publishing business. Its third-quarter earnings increased 80%. Viacom earned $641.6 million, up from $356.8 million in the same period a year earlier. Revenues rose 24% to $3.27 billion from $2.63 billion a year ago and ahead of analysts' estimates of $2.99 billion.
Shares of CBS closed down $0.59 or 2.09% to $27.67, despite posting better than expected earnings that rose 8%. It earned $343.3 million, in the three months ending in September, up from $316.9 million in the same period a year ago. Revenues fell 3% to $3.28 billion, while the operating income was essentially flat at $645.8 million.
Oil prices finished at a record close Friday, as light, sweet crude for December delivery settled at $95.93 a barrel, up $2.44 from Thursday's close.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks capped a volatile trading day with modest gains after investors weighed a surprisingly strong October jobs report and an unexpected rise in factory orders against ongoing credit-related upheaval in the financial sector. While the indications are that the economy is in good shape, the mood is definitely pessimistic; as sub-prime is still the issue.
The Dow Jones industrial average closed up 27.23 or 0.20% to 13,595.10, the broader S&P 500 closed up 1.21 or 0.08% to 1,509.65, and the tech-fueled Nasdaq composite closed up 15.55 or 0.56% to 2,810.38. For the week, the Dow closed down 1.5%, the S&P lost 1.6% and the Nasdaq was unchanged.
Market breadth was negative. Losers edged out winners on the New York Stock Exchange on volume of 1.71 billion. Decliners barely beat advancers on the Nasdaq as 2.46 billion shares traded hands.
Investors worry that the value of many mortgage-backed securities has not been determined, as a result, financial firms may have to take additional losses in the coming months. This has resulted in downgrading of a number of stocks.
In economic news, the economy added 166,000 jobs, while the unemployment rate held steady at 4.7%. This was better than most economist expected. It is expected that the Wall Street should face a much slower week next week.
Shares of Chevron closed down $0.56 or 0.63% to $88.48, after stating that its quarterly earnings tumbled 26% - more than Wall Street had expected - due to tighter refining margins.
Stock of Viacom closed up $1.15 or 2.85% to $41.56, on reporting better than expected profits, helped by the sale of its music publishing business. Its third-quarter earnings increased 80%. Viacom earned $641.6 million, up from $356.8 million in the same period a year earlier. Revenues rose 24% to $3.27 billion from $2.63 billion a year ago and ahead of analysts' estimates of $2.99 billion.
Shares of CBS closed down $0.59 or 2.09% to $27.67, despite posting better than expected earnings that rose 8%. It earned $343.3 million, in the three months ending in September, up from $316.9 million in the same period a year ago. Revenues fell 3% to $3.28 billion, while the operating income was essentially flat at $645.8 million.
Oil prices finished at a record close Friday, as light, sweet crude for December delivery settled at $95.93 a barrel, up $2.44 from Thursday's close.
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