| Market Summary |
Equities ended their weeklong rally today as the blue chip Dow Jones Industrial Average fell about 74 points and the broader S&P 500 shed close to 12 points. Two major reports weighed on stocks. The first one was a GDP report released by the Commerce Department which indicated that the economy grew only at the annualized rate of 1.6% in the third quarter. Economists had expected the number to come in at 2.2%. Reduced residential investment spending was the main culprit as it declined 17.4%. The second report released by Goldman Sachs stated that the demand for computer motherboards in Asia is "falling off a cliff." This triggered a decline in the shares of chipmakers with Intel (INTC: Charts, News, Offers) losing 3.1%. Bond prices rose pushing the yield on the benchmark 10 year Treasury note down to 4.681%. The dollar lost ground to both the euro and the yen.
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| Market News |
Lorenzo Zambrano, chairman and chief executive of Cemex, has made a career of taking on acquisitions that Wall Street loathed and proven the market wrong.
Cemex's unsolicited bid announced on Friday to buy Australia's Rinker Group Ltd. for $12.8 billion in an all-cash deal would be the company's biggest acquisition. And has all the hallmarks of Zambrano -- a bold move in a new market. (Source: Reuters) Full Story
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The economy appears thriving away from home, or more precisely, away from homes.
There's little question that the housing market is now in a recession if not a full-fledged depression. Which is not so surprising after the national housing boom that started in the late 1990s - the good times had to end at some point. But there are plenty of signs of economic strength away from the housing sector, even though Friday's gross domestic product reading showed the economy grew at the weakest pace in more than three years in the third quarter. (Source: CNN Money) Full Story
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Wall Street expected corporate earnings reporting season to be good. Just not this good.
More than half of Standard & Poor's 500 companies (SP500) have reported results, and third-quarter profit growth from a year earlier is running at 17.6%, S&P says. That's even better than the 14% growth expected, thanks to the fact that nearly three-quarters of companies have beaten estimates. (Source: USA Today) Full Story
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| Market Analysis |
With less than two weeks to go, it's still anybody's guess which party will come out on top in the Nov. 7 midterm elections. Poll numbers for President Bush and the Republicans remain dismal amid ongoing
Iraq violence and the aftermath of an ethics scandal involving former Rep. Mark Foley (R-Fla.), but the GOP may still
be able to hold onto one or both houses of Congress, analysts say. Either way, some investors are probably worrying what the elections could mean for the markets. (Source: BusinessWeek) Full Story
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There's nothing quite like falling gasoline prices to energize the U.S. stock market.
Look at what's happened since Aug. 2, when gasoline futures hit a 2006 peak of about $2.34 a gallon on the New York Mercantile Exchange.
Through the middle of this week, the price of gasoline fell 75 cents, or about 32 percent. In the stock market, the
Standard & Poor's 500 Index climbed 8.6 percent and the Nasdaq Composite index jumped more than 13 percent. (Source: Bloomberg) Full Story
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Stop worrying about hedge funds.
You know what I mean. The deep, deep dread that they will somehow wreck the market for the rest of us. Over the years I have been in the grips of that dread. I'd lie awake at night thinking about Long Term Capital Management, the hedge fund that nearly brought down all the world's markets in 1998 on a bad bond bet.
But, despite the scare, hedge funds kept growing and are popping up in other sectors. They make real estate bets. They lend money. And, most recently, they're making commodity plays. (Source: CNN Money) Full Story
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| Market Overview |
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| DJIA |
12,090.26 |
-73.40 |
| S&P |
1,377.34 |
-11.74 |
| NASDAQ |
2,350.62 |
-28.48 |
| 10Yr |
4.675% |
-0.046 |
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| On This Date |
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| October 27, 1997: The Dow Jones Industrial Average suffers its worst single-day point loss ever, 554 points. Trading curbs are instituted for the first time since the 1987 crash. |
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| Notable Quotable |
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| Investors in the corporate bond market do not enjoy the same access to information as a car buyer or, dare I say, a fruit buyer. - SEC Chairman Arthur Levitt |
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| Previous Newsletters |
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| October 26, 2006 |
| October 25, 2006 |
| October 24, 2006 |
| October 23, 2006 |
| October 20, 2006 |
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