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United States News Title: Dow gain tops 100 points NEW YORK (CNNMoney.com) -- Stocks rallied Wednesday as investors continue to anticipate more stimulus measures from the Federal Reserve. The Dow Jones industrial average (INDU) surged 121 points, or 1.1%, after about 1-1/2 hours of trading. The S&P 500 (SPX) gained 12 points, or 1%, and the Nasdaq (COMP) added 26 points, or 1%. Investors also took in stronger-than-expected earnings from JPMorgan Chase, Intel and CSX. However, shares of Intel and JPMorgan were both lower in early trading. Traders said the market is being supported by meeting minutes released Tuesday by the Federal Reserve that suggest the central bank could implement additional measures to bolster the economy as soon as November. "A combination of the pending stimulus from the Fed and strong corporate earnings are driving the market higher this morning," said David Levy, portfolio manager at Kenjol Capital Management. Investors also cheered a report that showed China's trade surplus narrowed in September. They largely shrugged off a report that showed U.S. import prices fell last month. The dollar continued to weaken, as investors expected Fed policy to undermine the U.S. currency. The softer dollar boosted prices for commodities such as gold, which rose to a record high. Strength in commodities helped support shares of companies in the industrial and materials sector. Caterpillar (CAT, Fortune 500) and Boeing (BA, Fortune 500) both rose more than 1.5%. Tech shares also led the market, with IBM (IBM, Fortune 500) and United Technology (UTX, Fortune 500) up over 1%. Companies: JPMorgan Chase (JPM, Fortune 500) reported earnings of $4.4 billion, an increase of 23% from the year-earlier quarter, as its loan losses continued to decline. Despite the strong results, shares of JPMorgan fell 0.5% on concerns about the legal implications of potentially inaccurate foreclosure filings. The bank acknowledged that it has found cases in which the signers of foreclosure affidavits didn't personally review underlying loan files, as they are required. It also said affidavits weren't properly notarized in some cases. But the strong report could bode well for Citigroup (C, Fortune 500), Wells Fargo (WFC, Fortune 500), Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500) and Goldman Sachs (GS, Fortune 500). All are slated to report their results next week. On Tuesday, chipmaker Intel (INTC, Fortune 500), reported a rise in quarterly sales and profit. Railroad operator CSX (CSX, Fortune 500) also posted results that beat expectations after the closing bell Tuesday. Apple's (AAPL, Fortune 500) stock rose to $301.38 per share, climbing above $300 for the first time ever. That's an increase of about 40% year-to-date, driven by the success of its iPad and iPhone. Economy: The U.S. Bureau of Labor Statistics reported that U.S. import prices fell 0.3% in September, following an increase of 0.6% the prior month. The price of fuel imports led the decline, falling 3.1%. Export prices rose in September by 0.6%, following a rise of 0.8% the prior month. This was driven by agricultural import prices, which rose 2.4%. World markets: European markets were sharply higher. The FTSE 100 gained 1.4%, while the CAC 40 in Paris and Germany's DAX rose 1.8%. In Asia, stocks closed in positive territory. The Hang Seng in Hong Kong shot up 1.5% and the Shanghai Composite gained 0.7%. Japan's Nikkei edged higher 0.2%. China posted a trade surplus of $16.9 billion for September, as exports climbed 25% and imports rose 24%. That's down from a $20 billion surplus in August. But the drop was not enough to ease tensions between the China and the United States, which has been pressuring China to allow its currency to appreciate against the dollar because an undervalued yuan hurts U.S. manufacturers by undercutting their export prices. "China's overall trade surplus may have declined slightly last month, but tensions are unlikely to do the same," said Mark Williams, senior China economist at Capital Economic. Commodities and Currencies: The dollar slipped against the major international currencies, including the British pound, the Japanese yen and the euro. Gold futures for December delivery surged $25.30 to another record trading high of $1,372 an ounce. The price of oil rose $1.62 per barrel to $83.29. Treasurys: The price fell on the benchmark 10-year U.S. Treasury, pushing up the yield to 2.45% from 2.42% late Tuesday.
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#1. To: go65 (#0)
(Edited)
Wiley E. Foreclosure Moratoriums in ALL 50 states. This isn't 'Socialism for the Rich, Fre Markets for the Poor.' It's Communism for the Rich, Free Markets for the Poor.' And the Markets rally. What else do you need to know.
Five, the economy is a subsystem of a larger finite system, the biosphere, hence permanent growth is impossible. And the fundamental value to sustain a new economy should be that no economic interest, under no circumstance, can be above the reverence of life.
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