Stocks pull back down the stretch, but October is a big gainer

Stocks closed out a big October with modest losses in quiet trading, as investors sorted out generally upbeat corporate earnings against the potential for the Fed to taper its stimulus efforts before year's end.

The market could continue to treat positive economic news as bad for stocks; today's session hit its low point when the Chicago PMI registered its largest one-month spike in more than 30 years.

Stocks also may have been weighed late by news of Israeli airstrikes on Syria.

Consumer discretionary stocks led gainers, supporting by media names after Time Warner Cable (+2.8%) beat earnings estimates, and internet retailers after Expedia's (+18%) big quarter.

The yield on the 10-year Treasury note rose to 2.542%, while the dollar rose against major currencies; gold and crude oil futures both fell.

Comments (2)
  • The Geoffster
    , contributor
    Comments (4276) | Send Message
    "Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months."
    - Irving Fisher, Ph.D. in economics, Oct. 17, 1929
    31 Oct 2013, 08:16 PM Reply Like
  • al roman
    , contributor
    Comments (14408) | Send Message
    Their are some strong after hour's #'s.
    31 Oct 2013, 08:40 PM Reply Like
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