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发帖数: 1972 | 1 Stocks added to their gains Friday on the heels of a handful of robust
earnings reports and amid optimism over the euro zone ahead of the EU summit
on Sunday.
The Dow Jones Industrial Average rallied sharply, led by Disney [DIS 34.82
0.98 (+2.9%) ] and AmEx [AXP 47.45 1.26 (+2.73%) ], after
logging a decline in the previous session. The blue-chip index is on track
for its fourth-straight winning week.
The S&P 500 and the Nasdaq also jumped. The CBOE Volatility Index, widely
considered the best gauge of fear in the market, traded near 32.
All 10 S&P sectors were firmly in the green, led by financials and consumer
discretionary.
Stocks finished mixed Thursday following a wild rollercoaster ride as
traders struggled to digest and sift through raft of euro zone headlines
ahead of the upcoming EU summit on Sunday.
European shares were higher amid optimism that policymakers would make
progress on a solution to the euro zone debt crisis in the coming days.
France and Germany said in a joint statement that European leaders would
discuss a global solution to the crisis on Sunday, but no decisions would be
adopted before a second meeting by Wednesday at the latest.
“[The result from the EU summit] is not going to cure all the ills, but it
’s a step toward the right direction…otherwise the market certainly will
respond in an extremely negative way,” said Peter Cardillo, chief market
economist at Rockwell Global. “The markets have forced the European
lawmakers to take action and the likelihood of the summit ending on a
positive note is almost certain at this point.”
On the earnings front, McDonald's [MCD 91.487 2.477 (+2.78%) ] jumped
after the fast-food chain posted higher-than-expected profit.
Fellow Dow component General Electric [GE 16.38 -0.25 (-1.5%) ]
reported earnings that were in line with analyst forecasts, while revenue
beat Wall Street expectations. The conglomerate also said it expects to
increase operating earnings per share at a double-digit percentage rate in
2012.
Honeywell International [HON 51.00 2.54 (+5.24%) ] rose after the
conglomerate posted a 45 percent earnings increase amid strength in its
commercial aerospace unit. The firm also boosted its full-year outlook.
Meanwhile, Verizon [VZ 37.15 0.05 (+0.13%) ] edged higher after the
wireless carrier said quarterly revenue rose faster than estimates, but
subscriber growth was slower than expected.
Microsoft [MSFT 27.16 0.12 (+0.44%) ] was flat after the tech giant
posted earnings Thursday that met expectations and revenue that topped
modest Wall Street forecasts, thanks to strong sales of its Office
applications package.
Meanwhile, Groupon is planning on raising a much as $540 million in an
initial public offering, less than previously expected. The daily deals
website is planning to launch its IPO on Nov. 4 on the Nasdaq.
—Follow JeeYeon Park on Twitter: twitter.com/JeeYeonParkCNBC—
Coming Up Next Week:
MONDAY: Chicago Fed national activity index, AT&T/T-Mobile status hearing;
Earnings from Caterpillar, Amgen, Netflix and Texas Instruments
TUESDAY: S&P/Case-Shiller home price index, consumer confidence, FHFA house
price index, 2-yr note auction, USDA food prices outlook; Earnings from BP,
Deutsche Bank, DuPont, 3M, UBS, UPS, Amazon.com and Broadcom
WEDNESDAY: Weekly mortgage applications, durable goods orders, new home
sales, oil inventories, 5-yr note auction; Earnings from Boeing,
ConocoPhillips, GlaxoSmithKline, Sprint and |
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