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Stocks up modestly after early gains
Source: Agencies |
October 22, 2010, Friday
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STOCKS finished with modest gains yesterday trading after pulling back from a rally that pushed share prices near their highest levels of the year.
In early trading the Dow Jones industrial average had been up as much as 105 points after index components Caterpillar Inc., Travelers Cos. and McDonald's Corp. all beat earnings expectations and AT&T Inc. matched forecasts. The index briefly turned negative in the afternoon but finished up 39 points.
The Labor Department said first-time claims for unemployment benefits fell last week. But the decline was essentially offset by a surprisingly sharp upward revision to the previous week's claims. First-time claims remain stuck at levels that indicate companies are not hiring many workers, even though they aren't cutting many jobs either.
The Chinese government, meanwhile, said growth slowed to a still robust 9.6 percent in the third quarter. China has been trying to slow growth to a more sustainable level that keeps inflation from getting out of control. Slower growth could have an effect on exports and sales to the country. Many companies have relied on growth in China to offset weakness in U.S. and Europe's economies.
"It was a mixed day for earnings reports and economic data, and the stock market is reflecting that," said Brad Sorensen, a director of sector research at Charles Schwab.
The Dow rose 38.60, or 0.4 percent, to close at 11,146.57. It briefly eclipsed its highest closing level of 2010, which it reached on April 26.
The Standard & Poor's 500 index rose 2.09, or 0.2 percent, to 1,180.26, while the Nasdaq rose 2.28, or 0.1 percent, to 2,459.67.
Once again Bank of America Corp. hurt the Dow as it continues to be dogged by worries about whether investors will force the bank to buy back mortgages it originated. Shares of the North Carolina bank were down 39 cents, or 3.3 percent. Stocks of other big national banks were also mostly lower on the day.
Caterpillar hit a high for the year early in the morning before pulling back. United Parcel Service Inc.'s profit jumped and the shipping company raised its outlook. But it too retreated after coming within US$1 of hitting a new high for the year.
JetBlue Airways Corp. also reported strong earnings, only to see its stock approach its 2010 high and then fall.
Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.54 percent from 2.48 percent late Wednesday.
In early trading the Dow Jones industrial average had been up as much as 105 points after index components Caterpillar Inc., Travelers Cos. and McDonald's Corp. all beat earnings expectations and AT&T Inc. matched forecasts. The index briefly turned negative in the afternoon but finished up 39 points.
The Labor Department said first-time claims for unemployment benefits fell last week. But the decline was essentially offset by a surprisingly sharp upward revision to the previous week's claims. First-time claims remain stuck at levels that indicate companies are not hiring many workers, even though they aren't cutting many jobs either.
The Chinese government, meanwhile, said growth slowed to a still robust 9.6 percent in the third quarter. China has been trying to slow growth to a more sustainable level that keeps inflation from getting out of control. Slower growth could have an effect on exports and sales to the country. Many companies have relied on growth in China to offset weakness in U.S. and Europe's economies.
"It was a mixed day for earnings reports and economic data, and the stock market is reflecting that," said Brad Sorensen, a director of sector research at Charles Schwab.
The Dow rose 38.60, or 0.4 percent, to close at 11,146.57. It briefly eclipsed its highest closing level of 2010, which it reached on April 26.
The Standard & Poor's 500 index rose 2.09, or 0.2 percent, to 1,180.26, while the Nasdaq rose 2.28, or 0.1 percent, to 2,459.67.
Once again Bank of America Corp. hurt the Dow as it continues to be dogged by worries about whether investors will force the bank to buy back mortgages it originated. Shares of the North Carolina bank were down 39 cents, or 3.3 percent. Stocks of other big national banks were also mostly lower on the day.
Caterpillar hit a high for the year early in the morning before pulling back. United Parcel Service Inc.'s profit jumped and the shipping company raised its outlook. But it too retreated after coming within US$1 of hitting a new high for the year.
JetBlue Airways Corp. also reported strong earnings, only to see its stock approach its 2010 high and then fall.
Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.54 percent from 2.48 percent late Wednesday.
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