Portfolio Crafter
11-15-2007, 02:42 AM
End of Day Market Summary - Tuesday, November 13, 2007
by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks surged higher as beleaguered financial stocks fronted a rally that sparked the Dow's biggest single-day jump in eight weeks after Goldman Sachs' outlook helped appease market jitters about the credit crisis. The Dow climbed nearly 320 points, after Wal-Mart's earnings report, comments from Goldman Sachs' CEO and a nearly 4% slide in oil prices sparked a broad rally.
The Dow Jones industrial average closed up 319.54 or 2.46% to 13,307. 09, the broader S&P 500 closed up 41.87 or 2.91% to 1,481.05, and the tech-fueled Nasdaq composite closed up 89.52 or 3.46% to 2,673.65.
Market breadth was positive and volume was strong. On the New York Stock Exchange, winners trounced losers by more than 5 to 1 on volume of 1.64 billion shares. On the Nasdaq, advancers topped decliners 2 to 1 on volume of 2.69 billion shares.
While the day's news was positive, today's reaction is to an oversold market due for a bounce. Wal-Mart's news wasn't terrific enough to cause a major reversal, but it sure gave the bulls some support. The drop in oil prices also brought out some bargain hunters. Additionally, the National Association of Realtors reported its index of contract signings on existing homes fell to 85.7 in September from the year-ago reading of 107.6. But the data was up slightly from August, and beat expectations of a 1% decline.
Shares of Wal-Mart closed up $2.65 or 6.12% to $45.97, after reporting higher third-quarter earnings that topped estimates and lifted its full-year earnings forecast to a range that is higher than analysts' current forecasts. It earned $2.9 billion from continuing operations, up from $2.6 billion. Total sales jumped 8.8% to $90.8 billion.
Stock of Bank of America closed up $2.29 or 5.21% to $46.27, despite reporting that it will take a $3 billion in write downs related to its bad debt bets. Bank of America is the latest of several financial service companies to lower the value of its lending portfolio in the wake of the sub-prime lending crisis.
Shares of Citigroup closed up $2.33 or 6.94% to $35.90, and topped the New York Stock Exchange's most-actives list on published reports that it is reorganizing its investment banking unit in the aftermath of billions of dollars in credit losses.
Stock of Apple closed up $16.20 or 10.54% to $169.96, after the tech leader rallied after China Mobile, China's largest cell phone carrier, said it was in talks with Apple to bring the iPhone to China.
U.S. light crude oil for December delivery fell $3.45 to settle at $91.17 a barrel on the New York Mercantile Exchange, sliding after the International Energy Agency cut its monthly forecast on crude demand.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks surged higher as beleaguered financial stocks fronted a rally that sparked the Dow's biggest single-day jump in eight weeks after Goldman Sachs' outlook helped appease market jitters about the credit crisis. The Dow climbed nearly 320 points, after Wal-Mart's earnings report, comments from Goldman Sachs' CEO and a nearly 4% slide in oil prices sparked a broad rally.
The Dow Jones industrial average closed up 319.54 or 2.46% to 13,307. 09, the broader S&P 500 closed up 41.87 or 2.91% to 1,481.05, and the tech-fueled Nasdaq composite closed up 89.52 or 3.46% to 2,673.65.
Market breadth was positive and volume was strong. On the New York Stock Exchange, winners trounced losers by more than 5 to 1 on volume of 1.64 billion shares. On the Nasdaq, advancers topped decliners 2 to 1 on volume of 2.69 billion shares.
While the day's news was positive, today's reaction is to an oversold market due for a bounce. Wal-Mart's news wasn't terrific enough to cause a major reversal, but it sure gave the bulls some support. The drop in oil prices also brought out some bargain hunters. Additionally, the National Association of Realtors reported its index of contract signings on existing homes fell to 85.7 in September from the year-ago reading of 107.6. But the data was up slightly from August, and beat expectations of a 1% decline.
Shares of Wal-Mart closed up $2.65 or 6.12% to $45.97, after reporting higher third-quarter earnings that topped estimates and lifted its full-year earnings forecast to a range that is higher than analysts' current forecasts. It earned $2.9 billion from continuing operations, up from $2.6 billion. Total sales jumped 8.8% to $90.8 billion.
Stock of Bank of America closed up $2.29 or 5.21% to $46.27, despite reporting that it will take a $3 billion in write downs related to its bad debt bets. Bank of America is the latest of several financial service companies to lower the value of its lending portfolio in the wake of the sub-prime lending crisis.
Shares of Citigroup closed up $2.33 or 6.94% to $35.90, and topped the New York Stock Exchange's most-actives list on published reports that it is reorganizing its investment banking unit in the aftermath of billions of dollars in credit losses.
Stock of Apple closed up $16.20 or 10.54% to $169.96, after the tech leader rallied after China Mobile, China's largest cell phone carrier, said it was in talks with Apple to bring the iPhone to China.
U.S. light crude oil for December delivery fell $3.45 to settle at $91.17 a barrel on the New York Mercantile Exchange, sliding after the International Energy Agency cut its monthly forecast on crude demand.
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