US stock market closed modestly higher on Tuesday after dipping in and out of negative territory throughout the day as investors remained cautious before, but the ending season got into full swing. A late rally in U.S. stocks forced the Dow Jones Industrial Average to a record as crude oil dropped to an eight-month low. Energy stocks led the advance as natural gas climbed to a six-week high in New York, outweighing oil's drop below $59 a barrel. It seems to be the cut of in production is not having much effect in the price market if OPEC cuts production of 1.7 million barrel from each nation that would defiantly would had its effect by now. Crude oil fell to the lowest since Feb. 16 after Saudi Arabia's state oil company told customers in East Asia and the Mediterranean to expect the same quantity of oil in November as last month, undercutting OPEC's plans to cut output. Oil for November delivery lost 2.4 % to $58.52 in New York. The market's gains were also limited after comments by Federal Reserve Bank of Dallas President Richard Fisher suggested the central bank is in no hurry to cut interest rates. Fisher said he's ``comfortable'' with the Fed's current interest-rate stance, though not with the level of inflation. Supervalu Inc., the second-biggest U.S. supermarket chain, climbed $1.38 to $32.39. The company increased its full-year profit forecast, excluding one-time costs, to as much as $2.80 a share. Analysts estimated $2.21. Profit as compared last quarter jumped to 61 cents a share, beating the 53-cent average analyst estimate. At the close, the S&P 500 was up 0.2 per cent, or 2.76 points, at 1,353.42, While the NASDAQ Composite was up 0.2 per cent or 3.66 points at 2,315.43. The Dow Jones Industrial Average ticked up 0.1 per cent or 9.36 points 11,867.17, briefly hitting an all-time intra-day high of 11,877.90.
You forgot to mention after the close Alcoa missed estimates big time. But who cares! the market will brush it aside. You cant hardly find any news on their hugh miss. But belive me if they beat the numbers it would be on the front page of every financial site in big bold letters. Its going to take alot more big misses to turn this market down. The market will stay firm till after the ELECTIONS then hold on to your hat boys.
Yep AA missed, Legg MAson warned and DNA is down after a good quarter. Stocks will have to show great earnings, not good, to get this market moving higher. Even though AA had a terrible quarter and the futures are off about 4 points why do I get this feeling they will still push the market into the green today??? Market is overbought and many are coming to the conclusion that a pullback is due sooner than later. I would say right after Nov 7th were due for a pullback.
I would say right after Nov 7th were due for a pullback. The both sad and amazing thing about these, to us, transparent manipulations such as the "clever" and timely adjustment of the Goldman Sachs futures index, is that they seem to accomplish their apparent goals surprisingly well. We will know how well the current round of "cleverness" works after Nov. 7th.
See RESTRICTED's post in the Gasoline! thread. Or http://themessthatgreenspanmade.blogspot.com/2006/10/friends-in-high-places.html Why stories like this don't get picked up by the mainstream media is a baffling question. Are they that afraid of retribution from the Whitehouse? It is a sad day for the U.S. when the press stops asking tough questions. I'm not saying there is a conspiracy here. I'm just saying that we are in trouble when the press dwells endlessly on issues like flag burning, gay marriage, celebrity murder cases, and helicopter accidents and lets stories such as Goldman's exceptionally timely changing of the weighting in the GSCI be swept under the rug.