At Today's Close
- DJIA up 162 (+1.4%) to 11,869
- S&P 500 up 12 (+1%) to 1,242
- Nasdaq up 12.25 (+0.5%) to 2,650
Global Sentiment
- Nikkei down 0.2%
- Hang Seng up 0.5%.
- Shanghai Composite up 0.7%.
- FTSE-100 up 0.5%.
- DAX-30 down 0.5%.
Stock averages end in the upper portion of the day's range as optimism for a European debt fix prevails despite mixed news leaking from Wednesday's leadership summit. Mixed tech earnings limited the Nasdaq's upside.
Stock indexes wavered amid varying headlines out of Europe, with Bloomberg reporting European Union talks with banks on bondholder losses had stalled, despite what seemed to be a building consensus on a 50% write-down for Greece's lenders.
Another report, this one sending markets higher, said China will buy bonds issued by the EFSF (European Financial Stability Facility).
At the summit, leaders are expected to announce details on recapitalizing European banks, addressing Greece's debt burden and boosting the EFSF, according to news reports.
U.S. economic news was positive.
New home purchases increased by a greater amount than forecast in September, rising 5.7% to 313,000, according to Bloomberg, citing data from the U.S. Department of Commerce. Economists had expected a gain of 300,000, according to a poll by Bloomberg.
Orders for durable goods fell 0.8% in September, almost entirely because of lower demand for autos and commercial aircraft. Orders minus transportation rose 1.7% and orders for core capital goods, which omit the volatile defense and transportation sectors, climbed 2.4%.
Crude for December delivery declined $2.97 to settle at $90.20 a barrel on the New York Mercantile Exchange. That snapped a three-day winning streak for oil futures.
Gold for December delivery finished up 1.4% to $1,723.50 an ounce. In other metal fu! tures, s ilver was up 0.9% to $33.35 a troy ounce while copper was up 2.54% to $3.50. The U.S. Dollar Index was down 0.01% to $76.22.
Also, the Energy Information Administration reported that crude supplies rose 4.7 million barrels compared with analysts' call for a modest 200,000-barrel increase, according to Platts, the Energy information arm of McGraw-Hill.
Gasoline inventories fell by 1.4 million barrels and distillate inventories fell by 4.3 million barrels. Analysts were looking for gasoline stockpiles to fall 1.25 million barrels, and distillates to fall 1.5 million, according to Platt's.
As for company news:
Biogen Idec (BIIB) firmed after the company said that its BG-12 pill to treat multiple sclerosis met its treatment goals in a study. The results help to clear a path toward regulatory filings, MarketWatch noted in a report.
Shares of IBM (IBM) lost their early upside after the company said late yesterday that it promoted Virginia M. Rometty as president and chief executive officer. Rometty is Big Blue's first female CEO. Also this morning, IBM said it completed the acquisition of Q1 Labs Inc., a privately-held company based in Waltham, Mass.
Shares of MetLife (MET) were down after regulators blocked the life insurance company from raising its dividend, several media outlets report. Shares are down 3.69%, or $1.24, to $31.59. The Federal Reserve had made the move citing the a more stringent stress test to be conducted in 2012, Reuters noted in a report on the matter.
ConocoPhillips (COP) shares were down after the U.S. oil major reported EPS excluding certain items of $2.52 compared to the Street view, usually ex items, of $2.18. While the profit beat forecast, charges from asset sale losses sunk profit 16% from a year ago, The Wall Street Journal noted.
UPSIDE MOVERS
(+) FFIV continues evening gain that followed earnings, buyback news.
(+) BA beats with earnings, raises guidance.
(+) GL! W beats with earnings.
(+) FSLR rebounds slightly from Tuesday plunge; earnings, guidance miss.
(+) COP gains after earnings.
DOWNSIDE MOVERS
(-) NOK unveils first Windows Phone smart phones.
(-) AMZN warns on revenue.
(-) S issues mixed earnings, subscription numbers.
(-) F reports mostly positive results.
(-) MET downgraded.
(-) BRCM continues evening drop that followed earnings beat but revenue warning.
(-) HGSI downgraded.
(-) NOC sales miss, raises guidance.
(-) CHRW downgraded.
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