Portfolio Crafter
11-06-2007, 10:38 PM
End of Day Market Summary - Tuesday, November 6, 2007
by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks retrieved an earlier bounce and rallied into the close, as Exxon Mobil Corp. helped lead the Dow industrials higher, with the oil giant buoyed as crude-oil prices rallied to new highs. However, higher oil and gold prices buoyed a market still grappling with credit market fears.
The Dow Jones industrial average closed up 117.54 or 0.87% to 13,660.94, the broader S&P 500 closed up 18.10 or 1.20% to 1,520.27, and the tech-fueled Nasdaq composite closed up 30.00 or 1.07% to 2,825.18.
Market breadth was positive. Advancers beat decliners by nearly 2 to 1 on the New York Stock Exchange on volume of 1.49 billion shares. Losers topped winners by 4 to 3 on the Nasdaq as 2.54 billion shares traded hands.
Initially investors worried about more bad news from the financial sector, but those fears were offset by strength from the metals and energy sectors as oil and gold prices climbed to new heights. Investors, who have grown accustomed to a daily delivery of bad news from the big Wall Street banks, got a reprieve allowing credit market fears to subside.
Shares of Valero closed up $3.31 or 4.77% to $72.73, despite lowering the quarterly results by 20%, hurt by weak refining margins, but still managed to stay ahead of Wall Street forecasts. Its net income fell to $1.27 billion, from $1.6 billion a year earlier. Its revenue rose 2% to $23.70 billion from $23.24 billion.
Stock of Archer Daniels Midland closed up $2.37 or 6.87% to $36.89, on reporting better than expected earnings. Profit for the three months ended Sept. 30 rose 9% to $441 million, from $403.9 million during the same period a year earlier. Sales rose 36% to $12.83 billion from $9.45 billion a year earlier.
Shares of Sun Microsystems closed down $0.55 or 9.63% to $5.16, on reporting profit that matched market expectations. Its net income was $89 million for the three months ended Sept. 30. The company rang up $3.22 billion in sales, a slight up-tick of 1% from last year but still short of the $3.27 billion analysts were expecting.
Oil prices jumped more than $3 a barrel to a new record trading high of $97.07 a barrel on supply fears and a falling dollar. Light, sweet crude for December settled up $2.72 to $96.70 a barrel on the New York Mercantile Exchange.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks retrieved an earlier bounce and rallied into the close, as Exxon Mobil Corp. helped lead the Dow industrials higher, with the oil giant buoyed as crude-oil prices rallied to new highs. However, higher oil and gold prices buoyed a market still grappling with credit market fears.
The Dow Jones industrial average closed up 117.54 or 0.87% to 13,660.94, the broader S&P 500 closed up 18.10 or 1.20% to 1,520.27, and the tech-fueled Nasdaq composite closed up 30.00 or 1.07% to 2,825.18.
Market breadth was positive. Advancers beat decliners by nearly 2 to 1 on the New York Stock Exchange on volume of 1.49 billion shares. Losers topped winners by 4 to 3 on the Nasdaq as 2.54 billion shares traded hands.
Initially investors worried about more bad news from the financial sector, but those fears were offset by strength from the metals and energy sectors as oil and gold prices climbed to new heights. Investors, who have grown accustomed to a daily delivery of bad news from the big Wall Street banks, got a reprieve allowing credit market fears to subside.
Shares of Valero closed up $3.31 or 4.77% to $72.73, despite lowering the quarterly results by 20%, hurt by weak refining margins, but still managed to stay ahead of Wall Street forecasts. Its net income fell to $1.27 billion, from $1.6 billion a year earlier. Its revenue rose 2% to $23.70 billion from $23.24 billion.
Stock of Archer Daniels Midland closed up $2.37 or 6.87% to $36.89, on reporting better than expected earnings. Profit for the three months ended Sept. 30 rose 9% to $441 million, from $403.9 million during the same period a year earlier. Sales rose 36% to $12.83 billion from $9.45 billion a year earlier.
Shares of Sun Microsystems closed down $0.55 or 9.63% to $5.16, on reporting profit that matched market expectations. Its net income was $89 million for the three months ended Sept. 30. The company rang up $3.22 billion in sales, a slight up-tick of 1% from last year but still short of the $3.27 billion analysts were expecting.
Oil prices jumped more than $3 a barrel to a new record trading high of $97.07 a barrel on supply fears and a falling dollar. Light, sweet crude for December settled up $2.72 to $96.70 a barrel on the New York Mercantile Exchange.
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