Stocks surge on strong earnings reports from Intel Corp. and JPMorgan Chase & Co.
JPMorgan Chase, the first major bank to report third-quarter earnings, stoked the market’s optimism as it handily beat Wall Street’s expectations, reporting a profit of $3.59 billion for the July-September period. However the bank also said loan losses are still high and are likely to remain so for some time.
Intel also beat analysts’ estimates, reporting a smaller-than-expected decline in profit and sales after the market closed Tuesday. The leading chip maker said it expects sales in the final period of the year to top analyst projections, raising hopes that the computer market was improving.
Stocks are lower as a weaker U.S. dollar help lift commodity prices and Johnson & Johnson’s third-quarter sales figures disappointed investors
Stocks fell on Tuesday after disappointing quarterly sales figures from economic bellwether Johnson & Johnson (NYSE: JNJ) sparked worries about consumer spending, offsetting a lift from higher commodity prices.
The Nasdaq gave up its initial gains at the open.
The Dow Jones industrial average was down 53.66 points, or 0.54 percent, at 9,832.14. The Standard & Poor’s 500 Index was down 7.19 points, or 0.67 percent, at 1,069.00. The Nasdaq Composite Index was down 5.16 points, or 0.24 percent, at 2,133.98.
Stocks move higher as earnings season gets underway this week
Major market indicators rose moderately early Monday, getting a boost from European stocks, which jumped after Royal Philips Electronics issued a better-than-expected profit report. A weaker dollar drove oil and other commodities higher, giving energy, material and industrial stocks a lift.
Trading on Monday is expected to be fairly light as much of the country observes the Columbus Day holiday. No major economic reports are scheduled and government bond markets are closed.
Stocks are gaining after the government issued a mixed trade report
The Commerce Department said the trade deficit declined 3.5 percent to $30.7 billion in August, as imports fell on lower oil demand. Economists expected the deficit to rise to $33 billion, or 3.3 percent from July’s level, which was the highest in six months.
Exports of goods and services edged up 0.2 percent, an encouraging sign that the global economy is strengthening. But the decline in imports shows that domestic consumption is still weak.
Stocks are higher after surprising profit report from Alcoa and better jobless claims numbers
Stocks have resumed their climb after Alcoa kicked off earnings season with an unexpected profit and the government reported a drop in initial claims for jobless benefits.
Several big retailers, meanwhile, are reporting better sales for September than the market had anticipated.
Aluminum company Alcoa Inc. surprised investors after the market closed Wednesday with its first profit in nine months, which the company attributed to cost-cutting and rising sales to automakers. Alcoa also said it expects worldwide aluminum demand to increase 11 percent in the second half of the year.
Stocks are slightly lower as the dollar rebounds and traders await corporate profit reports
The drop in early trading Wednesday comes as investors have little economic news to shape sentiment and are looking to earnings reports for the July-September quarter. Alcoa Inc. will be the first of the 30 companies that make up the Dow Jones industrial average to report results after the closing bell.
Earnings will provide insight into just how far any economic rebound has been so far. During the second quarter, companies largely beat modest earnings expectations by cutting costs and streamlining operations. That helped fuel the market’s rally throughout the summer.