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Stocks climb higher on earnings, China data; S&P reclaims 1750

  • Stocks recovered yesterday's losses to close higher, with the S&P 500 reclaiming the 1,750 mark, as investors cheered upbeat earnings reports and positive economic data from China.
  • U.S. stocks followed global markets higher after Chinese manufacturing data suggested the country's economy will reach the 7.5% growth target for the year.
  • The Dow climbed nearly 100 points, boosted by Visa and Home Depot; the blue-chip index is now within 1.5 percent of its all-time high.
  • Homebuilder stocks rallied after Pulte's earnings report, which showed revenue rising on an increase in home prices and closings; shares jumped 7%.
  • Telecoms trailed, pressured as AT&T's Q3 revenue came in below estimates.
  • The yield on the 10-year Treasury edged up to 2.51%, the dollar fell again vs. the euro, and gold continues to firm, up 1.2% to $1,350/oz.
Comments (2)
  • filipo
    , contributor
    Comments (4018) | Send Message
     
    US stocks will outperform over the next couple of weeks on strong exporting blue chips that get part of their income abroad.
    A weaker USD is a godsent.
    24 Oct 2013, 04:38 PM Reply Like
  • Sir. Monaco
    , contributor
    Comments (367) | Send Message
     
    filipo I agree with your assessment,

     

    along with spooky things going on in China to push our treasuries (prices up yields down) and equities higher:

     

    "China's short-term money market rates continued to spook investors after spiking to their highest level since June on Thursday after the central bank tightened liquidity by withdrawing cash from the system for the third time in two weeks. Overnight, the 7-day repo rate, a key gauge of liquidity, rose to nearly 7 percent." http://cnb.cx/1ih4M2i
    24 Oct 2013, 08:11 PM Reply Like
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