Dow Approaches April Highs
Monday, October 18, 2021 5:35 PM

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Stocks on Wall Street got a nice rebound today and closed near levels that haven't been seen since April. Stocks rode on the back on bank stocks that were fueled by solid earnings from Citigroup and the turnaround in gold which overcame the negative news about industrials that was released this morning.

The Dow Jones Industrial Average closed up by 80.91 points, or .73% to 11,143.69. The S&P 500 finished up by 8.52 points, or .72%, to 1,184.71. The NASDAQ closed in the green; up 11.89 points, or .48%, to 2,480.66.

The US Dollar is up against the euro by .0007 and losing ground against the yen; down .2500.

Oil futures for November delivery are up $1.93 to $83.16.

The 10-year bond yield is down .0850 to 2.910%.


Production in the U.S. dropped in September for the first time in more than a year. Output at factories, mines and utilities fell 0.2% and factory production fell the same .2% as a result of declines in consumer durable goods. The drop in factories, mines and utilities was the first decline since June 2009.

Confidence among U.S. homebuilders rose in October to the highest level in four months. The National Association of Home Builders/Wells Fargo confidence index increased to 16 from 13 in September, data showed today. The index was projected to rise to 14, according to the median estimate from a Bloomberg survey.

The U.S. Treasury Department revealed data this morning that global demand for U.S. stocks, bonds and other financial assets rose in August. Net buying of long-term equities, notes and bonds totaled $128.7 billion in August compared with net buying of $61.2 billion in July. Including short-term securities such as stock swaps, foreigners purchased a net $38.9 billion compared to a net buying of $63.3 billion in July.


Banks stay strong -- The bank sector helped lead the way to a strong day on Wall Street. Leading the way for the Dow, Bank of America Corp. rose 3.01% to $12.34 and J.P. Morgan Chase & Co. gained 2.83% to $38.20.

Beating Estimates -- International Business Machines Corp.'s profit rose 12% and the technology company raised its 2010 profit forecast modestly. IBM reported earnings of $3.59-billion, or $2.82 per share, against $3.21-billion, or $2.40 per share in 2009 which topped analysts expected $2.75 per share. IBM shares closed at $142.83, up 1.25%.

Apple Soars -- Apple Inc. (AAPL-Q318.003.261.04%) announced that net income for the most recent quarter rose 70% on strong sales of iPhones. Apple's net income rose to $4.30 billion, or $4.64 per share, from $2.5-billion, or $2.77 per share, for the same quarter in 2009. Both numbers significantly beat estimates. Revenue soared 67% to $20.3-billion from $12.2-billion last year.

Profits doubled -- VMware reported third quarter profits of $84.6 million as compared to $38.2 million in the same quarter last year. Revenue was $714.2 million, up from $489.8 million. Shares are down in after hours trading as analysts had expect revenues of $699 million.


In Energy News -- BP PLC, in combination with its Russian joint venture, TNK-BP, announced that they will be selling its energy holdings in Venezuela and Vietnam to TNK for $1.8 billion. This news is part of a string of asset sales by BP to pay for damages from the oil spill in the Gulf of Mexico. Shares of BP are trading up $.72 at $41.34.

Financial plays leading the pack -- After the strong earnings by Citigroup, regional banks are standouts as KeyCorp is up 3.55% to $8.32, Fifth Third Bancorp is up 2.56% to $12.44 and Zions Bancorp is up 3.55% to $21.36.

More on fins -- Investors look to other large financials for earnings that are performing well today. Goldman Sachs Group Inc. reports tomorrow and is up 1.55% to $153.02 today. Morgan Stanley, up 1.62% to $25.43, and Wells Fargo, up 2.38% to $24.14, report on Wednesday.

Watch your apps -- The Wall Street Journal reported that Facebook users are unknowingly providing access to their names to advertising and Internet tracking companies via some popular applications. The Facebook user's ID may be inadvertently shared through the user's Internet browser as well as an application. Facebook has stated that it is addressing the issue and taking all steps in the meantime to "drastically limit" the exposure of personal information.


Earnings once again in focus --

Citgroup gave financials a boost as third quarter earnings came in well above estimates. Shares of C are trading up 3.54% to $4.09

Big week in general -- 11 of the 30 Dow components report third quarter earnings this week. More than 100 of the S&P 500 companies reporting this week as well.

Shares of Apple are trading up .64% at $316.76 this morning as investors wait to hear the Company's numbers after the close.

International Business Machines also reports today. Shares of IBM are presently up .91% at $142.35.

Halliburton Co.'s profit rose, but its revenue did not meet expectations, sending its shares lower. Shares of HAL are trading down 4.96% to $34.04.

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(Source: Quotemedia)


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Market news:

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    • WHEATLEY, Ontario - Well before dawn, Todd Loop takes his fishing tug onto Lake Erie in pursuit of yellow perch, walleye and other delicacies - a livelihood that has sustained his family for three generations but faces a future as murky as the freshwater sea on a moonless night.
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    • Nowhere is the danger greater than in Lake Erie.
      • Russia opens key plant to destroy chemical weapons Nov 26, 2021 07:58 AM

        • POCHEP, Russia - Russia will miss a 2012 deadline for destroying all of its chemical weapons, officials said Friday as they inaugurated a major new plant to dispose of them.
        • The facility at Pochep, in the western Bryansk region, is the latest of several plants built in Russia in recent years to dismantle its Cold War-era chemical weapons arsenals - the world's largest.
        • As a signatory of the international Chemical Weapons Convention, the country already has destroyed about half of its chemical weapons, according to Russian officials.
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            • In a bid to grab shoppers earlier on the traditional start to the holiday shopping season, a number of stores including Old Navy, Toys R Us and Sears opened on Thursday's Thanksgiving holiday.
            • Patricia Lopez, 32, a receptionist from Queens, N.Y., was in line at Toys R Us in New York's Times Square Thursday night.
              • NKorea warns region is on brink of war Nov 26, 2021 06:53 AM

                • YEONPYEONG ISLAND, South Korea - North Korea warned Friday that U.S.-South Korean plans for military maneuvers put the peninsula on the brink of war, and appeared to launch its own artillery drills within sight of an island it showered with a deadly barrage this week.
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                  • Teenagers adrift in Pacific for 50 days reach land Nov 26, 2021 06:26 AM

                    • SUVA, Fiji - Three teenage boys who spent 50 days adrift in a tiny boat in the South Pacific walked ashore on shaky legs Friday after their chance rescue - celebrated on their home island hundreds of miles (kilometers) away as a miracle that brought them back from the dead.
                    • The trio - Samuel Pelesa and Filo Filo, both 15, and Edward Nasau, 14 - told rescuers they survived on rainwater they collected, a handful of coconuts, raw fish and a seagull that landed on their 12-foot- (3.5-meter-) long aluminum boat.
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