Stock Market Today: Stocks Rally on Hints of European Stimulus, Solid EarningsNEW YORK (TheStreet) -- Fridays session started with a bounce as U.S. stocks surged more than 1%, a sign that investors were regaining confidence after punishing selloffs in five of the past seven sessions. The S&P 500 was up 0.67%, the Nasdaqadded 1.34% and the Dow Jones Industrial Average spiked 0.72%. Before Friday mornings pop, all major indices were down more than 5% since Thursday, Oct. 9, with the S&P and Nasdaq at one point nearing correction territory. Must Read:aWarren Buffetts Top 10 Dividend Stocks European markets were trading sharply higher as calls for stimulus to resuscitate flagging growth strengthened. European Central Bank executive board member Benoit Coeure indicated overnight that asset buying could come within the next few days. The objective (is) to steer the balance sheet toward higher levels and improve the transmission to the real economy, Coeure told reporters in Latvia. Frances CAC 40 spiked 1.96% and Germanys DAX climbed 1.74%. The two indices have been in a rout since the International Monetary Fund slashed its 2014 global growth forecast, citing eurozone concerns as reason for the revision. Closer to home, Federal Reserve Chair Janet Yellen made little mention of monetary policy in her address to a Boston Fed conference. Instead, Yellens speech centered on income inequality, which she questioned was compatible with the values rooted in our nations history. U.S. home building in September was the latest snippet of data to support investors renewed confidence in the strength of the U.S. economy. Housing starts spiked 6.3% last month to 1.017 million units after several months of dips and dives in the measure. Economists had expected starts to increase 4.6%. Read More: Five Reasons the Market is Wrong to Think the U.S. is Like Europe In corporate news,aUrban Outfitters aplunged 13.5% after warning of lower-than-expected sales for its third quarter. The retailer will report earnings on Nov. 17. Morgan Stanley ashares were up 3.5% after the bank reported quarterly net income of 77 cents a share, 23 cents higher than consensus. Revenue spiked 7.4% to $8.7 billion. General Electrics athird-quarter earnings topped analysts expectations. The stock rose 3.5%. SunEdison was spiking after considering building a $2 billion factory in China withacapacity to produce 20,000 to 30,000 metric tons a year of polysilicon. Shares were up 7.9%.a --Written by Keris Alison Lahiff in New York. Click to view a price quote on ^DJI. By twocents@thestreet (Keris Alison Lahiff) NEW YORK (TheStreet) -- Fridays session started with a bounce as U.S. stocks surged more than 1%, a sign that investors were regaining confidence after punishing selloffs in five of the past seven sessions. The S&P 500 was up 0.67%, the Nasdaqadded 1.34% and the Dow Jones Industrial Average spiked 0.72%. Before Friday mornings pop, all major indices were down more than 5% since Thursday, Oct. 9, with the S&P and Nasdaq at one point nearing correction territory. Must Read:aWarren Buffetts Top 10 Dividend Stocks European markets were trading sharply higher as calls for stimulus to resuscitate flagging growth strengthened. European Central Bank executive board member Benoit Coeure indicated overnight that asset buying could come within the next few days. The objective (is) to steer the balance sheet toward higher levels and improve the transmission to the real economy, Coeure told reporters in Latvia. Frances CAC 40 spiked 1.96% and Germanys DAX climbed 1.74%. The two indices have been in a rout since the International Monetary Fund slashed its 2014 global growth forecast, citing eurozone concerns as reason for the revision. Closer to home, Federal Reserve Chair Janet Yellen made little mention of monetary policy in her address to a Boston Fed conference. Instead, Yellens speech centered on income inequality, which she questioned was compatible with the values rooted in our nations history. U.S. home building in September was the latest snippet of data to support investors renewed confidence in the strength of the U.S. economy. Housing starts spiked 6.3% last month to 1.017 million units after several months of dips and dives in the measure. Economists had expected starts to increase 4.6%. Read More: Five Reasons the Market is Wrong to Think the U.S. is Like Europe In corporate news,aUrban Outfitters aplunged 13.5% after warning of lower-than-expected sales for its third quarter. The retailer will report earnings on Nov. 17. Morgan Stanley ashares were up 3.5% after the bank reported quarterly net income of 77 cents a share, 23 cents higher than consensus. Revenue spiked 7.4% to $8.7 billion. General Electrics athird-quarter earnings topped analysts expectations. The stock rose 3.5%. SunEdison was spiking after considering building a $2 billion factory in China withacapacity to produce 20,000 to 30,000 metric tons a year of polysilicon. Shares were up 7.9%.a --Written by Keris Alison Lahiff in New York. Click to view a price quote on ^DJI. ift.tt/1gB4pon
Posted on: Fri, 17 Oct 2014 14:22:53 +0000
Trending Topics
Recently Viewed Topics
© 2015