| Market Summary |
Equities declined today with the blue chip Dow Jones Industrials losing about 15 points and the broader S&P 500 shedding about 3.5 points. Alcoa (AA: Charts, News, Offers) was one of the biggest drags on the market as traders digested its earnings report released late Tuesday which fell short of analyst expectations. The aluminum maker’s status as a bellwether led traders to fear that the third quarter earnings season may disappoint. Bank of America’s (BAC: Charts, News, Offers) announcement that it will start offering up to 30 free trades a month for certain customers pushed the shares of some online discount brokerages like Charles Schwab (SCHW: Charts, News, Offers) and TD Ameritrade (AMTD: Charts, News, Offers) down. The markets also slipped substantially late afternoon after the news of the p*** crash on the upper east side of New York flashed through the wires. Bond prices fell pushing the yield on the benchmark 10 year Treasury note up to 4.78%.
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| Market News |
A slowing economy and retreating energy prices made it somewhat easier for the Federal Reserve to hold interest rates steady last month.
That was in sharp contrast to the August meeting where policymakers wrestled with their next move. They ultimately decided at the August session to halt a two-year string of interest rate increases. But the Fed members also said that had been a close call. (Source: Forbes) Full Story
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Bank of America (BAC: Charts, News, Offers) stepped up the online trading wars Wednesday, offering 30 free online trades a month for customers with at least $25,000 in deposits or other accounts at the nation's No. 2 bank.
The move is the latest by the Charlotte, N.C.-based company to capitalize on its nationwide footprint and expand beyond its traditional retail banking operation. (Source: CNN Money) Full Story
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Visa, the world's largest credit card payment system, said on Wednesday it plans an initial public offering to fund its expansion and gird for legal costs analysts say could total billions of dollars.
The move to go public follows a successful IPO in May by Visa's top rival MasterCard Inc., which has seen its shares gain nearly 84 percent, giving it a market capitalization of $5.7 billion. (Source: Reuters) Full Story
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| Market Analysis |
If U.S. economic growth slows in the next few months the effects will be felt globally. If the slowdown turns into a recession early in 2007, as some forecasters expect, the blow to several countries may be much greater.
Canada and Mexico, with exports to the U.S. equaling more than 20 percent of their respective gross domestic products, would be the hardest hit.
China could feel a chill as well. (Source: Bloomberg) Full Story
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Google (GOOG: Charts, News, Offers) is the undisputed ruler of search in a World Wide Web filled with blue links and black text. After all, it controls more than 51% of the search market, and its share continues to grow steadily. But as Web content becomes more multimedia-based, Google cannot afford to rest on its laurels. (Source: BusinessWeek Online) Full Story
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I can give you five reasons to expect a fourth-quarter rally this year.
1. The market has rallied in mid-August to early October, during what is usually a weak period, to give stocks momentum in November and December.
2. Money is flowing out of real estate and bonds and into stocks.
3. Short interest climbed to multiyear highs on both the New York Stock Exchange and the Nasdaq in September, so there's plenty of pessimistic money to send prices higher when it turns optimistic. (Source: TheStreet) Full Story
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| Market Overview |
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| DJIA |
11,852.13 |
-15.04 |
| S&P |
1,349.95 |
-3.47 |
| NASDAQ |
2,308.27 |
-7.16 |
| 10Yr |
4.784% |
+0.036 |
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| On This Date |
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| October 11, 1976: Competition between specialists is begun. |
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| Notable Quotable |
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| An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative. - Ben Graham |
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| Previous Newsletters |
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| October 10, 2006 |
| October 9, 2006 |
| October 6, 2006 |
| October 5, 2006 |
| October 4, 2006 |
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