|Day's Range||2,775.53 - 2,797.77|
|52 Week Range||2,532.69 - 2,940.91|
Stocks are in rally mode as all three of the major indices opened higher on Friday.
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On October 11–18, US equity indexes had the following correlations with US crude oil December futures: the S&P Mid-Cap 400 (IVOO): 54.4% the Dow Jones Industrial Average (DIA): 53.6% the S&P 500 (SPY): 43.3%
The dollar and Treasuries fell on signs of easing trade tensions with China. The S&P 500 headed for its first weekly gain in a month as strong results from American Express and consumer giant Proctor & Gamble bolstered confidence in the economy. Financial technology firm Paypal Holdings surged after beating analyst expectations, pushing the tech-heavy Nasdaq 100 that took the brunt of yesterday’s selling to outperform.
U.S. stocks trade higher Friday, with the Dow Jones Industrial Average up more than a 100 points, as a rebound in China’s main equity benchmarks assuaged dread about waning global growth..
The AI Powered Equity ETF, ticker AIEQ, is up 11.81 percent from its debut a year ago through yesterday, just edging out the S&P 500. Of the top 15 holdings that contributed most to AIEQ’s gain, 10 of them are too small to be in the in the S&P 500 Index, a Bloomberg portfolio analysis shows.
At 9:53 a.m. EDT the Dow Jones Industrial Average was up 190.64 points, or 0.75 percent, at 25,570.09, the S&P 500 was up 22.18 points, or 0.80 percent, at 2,790.96 and the Nasdaq Composite was up 81.84 points, or 1.09 percent, at 7,566.98. In a volatile week for stocks, any gains for the benchmark S&P 500 on Friday would snap a three-week losing streak. Wall Street has had a rough ride over the past fortnight, suffering one of its worst two-day losses since 2015 on concerns over rising interest rates, trade tariffs and their impact on global growth and demand for stocks.
At 9:53 a.m. EDT the Dow Jones Industrial Average (.DJI) was up 190.64 points, or 0.75 percent, at 25,570.09, the S&P 500 (.SPX) was up 22.18 points, or 0.80 percent, at 2,790.96 and the Nasdaq Composite (.IXIC) was up 81.84 points, or 1.09 percent, at 7,566.98. In a volatile week for stocks, any gains for the benchmark S&P 500 (.SPX) on Friday would snap a three-week losing streak. Wall Street has had a rough ride over the past fortnight, suffering one of its worst two-day losses since 2015 on concerns over rising interest rates, trade tariffs and their impact on global growth and demand for stocks.
The US steel industry got a major reprieve after President Donald Trump slapped Section 232 tariffs on US steel imports. AK Steel (AKS) and Cleveland-Cliffs (CLF) praised the tariffs. But even after the tariffs, US steel companies may still be looking to the Trump administration for support.
Investing.com - Procter & Gamble reported better-than-expected fiscal first-quarter numbers and reiterated its full-year guidance on Friday, sending shares higher in pre-market trade.
Market watchers like Ryan Detrick, senior market strategist at LPL Research, are sanguine about the market’s retreat given its tendency to save the best for last during midterm years.
NEW YORK (AP) — Strong earnings are sending U.S. stocks higher Friday at the end of a choppy week of trading. Consumer products maker Procter & Gamble is surging after reporting strong sales of beauty products in its latest quarter, while credit card company American Express and payment processor PayPal also jumped. Technology and internet companies are on the rebound after some recent losses.
Investing.com - Schlumberger reported third quarter earnings that beat analyst's expectations on Friday and revenue that fell short of forecasts.
Investing.com - State Street reported third quarter earnings that missed analyst's expectations on Friday and revenue that fell short of forecasts.
A new, potent opioid medication intended for immediate pain relief has become the center of a maelstrom of controversy as it nears a Food and Drug Administration approval decision early next month. The latest salvo came from Sen. Edward Markey (D-Mass.) on Thursday, calling on the FDA to reject the medication as it is "a thousand times more likely to be abused, and a thousand times more likely to kill." The medication, Dsuvia, is made by the Redwood City, Calif.-based drugmaker AcelRx Pharmaceuticals Inc. , and consists of tablets delivered in an applicator and absorbed beneath the tongue; the company says that the product is intended for moderate-to-severe pain in adults under medical supervision. Dsuvia could help give patients faster and less invasive pain relief than existing options like intramuscular opioid injections, AcelRx says. But critics, including Markey and Public Citizen health researcher Dr. Meena Aladdin, say that the product, which uses an even stronger opioid than the already-potent opioid fentanyl, could pose serious harm and does not offer any real medical benefits over existing options. A FDA advisory committee recommended that the FDA approve Dsuvia last week, in a 10-3 vote. The FDA often follows advisory committee recommendations but is not obligated to do so; a decision is expected by November 3. However, the FDA advisory committee's chair, Dr. Raeford Brown, was not at the committee vote, Markey noted, and Brown has publicly expressed concerns about the product. AcelRx shares declined 1% in Friday morning trade. Shares have surged 39.6% to $4.12 over the last three months, compared with a 0.5% decline in the S&P 500 and a nearly 2% rise in the Dow Jones Industrial Average .
The Zacks Analyst Blog Highlights: First Bancorp, First Mid-Illinois, Horizon, Berkshire Hathaway and Ameriprise
Organic sales, which exclude items like acquisitions and currency effects, rose 4 percent, P&G said, more than double the gain projected by analysts. P&G said the U.S. drove much of the gain. The Cincinnati-based maker of Bounty and Pampers called out Olay -- a long-struggling brand -- and the new SK-II luxury skin cream, popular in Asia, as key drivers.
A heavy round of technical selling combined with an earnings-related pause in corporate stock buybacks is contributing to the stock market’s October selloff, say analysts at JPMorgan. But both factors appear to have largely run their course, they say, and that could mean gains ahead.
The two pro-growth agendas of President Trump, namely, significant cut in corporate tax and deregulation are major catalysts to the transportation sector.