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Market Update

4% Surge in Crude Oil Fuels Wall Street Rally

Author: Nichole Harper
Last Update: 3:04 PM ET November 03 2015

[2:45 PM New York City, New York – Market indexes on Wall Street advanced on the back of a nearly 4% rally in crude oil prices. A five-day rally in energy prices lifts the sector to a high not seen in three weeks. AIG struggled after missing earnings but Visa surged after it agreed to buy Visa Europe.

Stocks on Wall Street traded higher after a rally in crude oil prices lifted energy complex stocks.

Energy complex stock jumped as much as 3% after the price of crude oil for immediate month delivery jumped $1.66 or 3.7% to $47.80 a barrel. Exxon and Chevron jumped more than 3%.

New orders for U.S. factory goods declined for the second month in a row in September as the companies battle strong dollar and large cuts in capital spending by energy companies.

New orders for manufactured goods in September dropped by $4.7 billion or 1% to $466.3 billion, followed by a 2.1% decrease in August.

Excluding transportation, new orders decreased 0.5%, the U.S. Department of Commerce said.

On Wall Street, Tollbooth Strategy Index increased 31.61 to 11,062.54.

S&P 500 index rose 2.92 to 2,106.97 and the Nasdaq Composite Index gained 16.41 or 0.3% to 5,143.55.

Crude oil in New York jumped $1.24 to $47.38 a barrel and gold declined $15.04 to $1,118.80 an ounce.

U.S. Movers

Activision Blizzard, Inc (ATVI) jumped 2.5% or 86 cents to $35.43 after the online, computer video game maker agreed to acquire the maker of popular game “Candy Crush Saga” and other games from King Digital Entertainment plc for $18 per share in cash or about $5.9 billion.

The transaction is expected to close by March 2016.

Separately, the company reported revenues in the third-quarter ending in September jumped 31.5% from a year ago to $990 million.

Net in the quarter swung to profit $127 million or 17 cents per diluted share compared to a loss of $23 million or 3 cents per share from the same quarter last year.

Fiat Chrysler Automobiles NV (FCAU) slipped 1.8% or 27 cents to $14.62 after the auto maker said U.S. auto sales in October soared 15% to 195,545 vehicles from 170,480 vehicles in a year ago month.

Truck sales in the month surged 20% to 157,408 units but passenger car sales dropped 3% to 38,137 units while Ram pickup sales rose 3% to 40,931 units.

Ford Motor Company (F) rose 4 cents to $14.79 after the passenger cars and trucks maker reported U.S. totalled October sales jumped 13% to 213,938 vehicles, best October sales performance since 2004. Total trucks sales soared 13.8% to 85,607 vehicles.

Utilities vehicle sales in the month increased 10.8% to 66,407 units.

Retail sales in the month surged 13% to 154,036 vehicles and Ford-brand SUVs advanced 12% to 60,786 vehicles. Mustang sales jumped 121% to 10,096 vehicles while Fusion posted its best-ever October sales with 23,668 units. F-Series sales rose 3.3% to 65,500 trucks.

General Motors Company (GM) fell 8 cents to $35.47 after the automobile maker reported October total vehicle sales surged 15.9% to 262,993 units and retail sales jumped 16% to 203,166 units.

GM’s average transaction prices dropped $130 to $34,600 from a year ago month but for the year increased $800. Incentive spending rose 0.9 percentage points to 12.7% of the average price from September.

Kellogg Company (K) slumped 4.3% or $3.03 to $67.58 after the ready-to-eat cereal and convenience foods maker reported net sales in the third-quarter ending on October 3plunged 8.5% from a year ago to $3.33 billion.

Net income in the quarter dropped 8.4% to $205 million or 58 cents per diluted share compared to $224 million or 62 cents per share from the same quarter last year.

European Markets

In London trading, FTSE 100 index fell 10.76 or 0.2% to 6,351.04 and in Frankfurt the DAX index decreased 35.73 or 0.3% to 10,915.27.

In Paris, CAC 40 index slid 8.65 or 0.2% to 4,907.56.

Associated British Foods Plc fell 0.4% to 3,421 pence after the U.K.-based diversified food maker and retailer reported group revenues in the year ending in September dropped 1% from a year ago to £12.8 billion.

Profit in the year tumbled 33.1% from a year ago to £524 million compared to £783 million and diluted earnings per share decreased to 67.3 pence from 96.5 pence.

Bayerische Motoren Werke AG slipped 1.4% to €93.03 after the Germany-based auto maker said revenues in the third-quarter period ending in September surged 14% from a year ago to €22.35 billion.

Net profit in the quarter soared 20.5% from a year ago to €1.58 billion compared to €1.31 billion and diluted earnings per share increased to €2.39 from €1.98.

The company said revenues increase was mainly due to the increase in passenger car sales by 6.9% to 545,062 units and the motorcycles segment posted a new record for the quarter with sales volume up by 16.3% to 33,993 units and revenues jumped to 22.7 % to €454 million.

BMW said worldwide sales of BMW, MINI and Rolls-Royce brand vehicles in the quarter increased 6.9% to 545,062 units.

UBS AG declined 4.6% to 19.11 Swiss francs after the Switzerland-based financial services provider reported revenues in the third-quarter ending in September jumped 4.2% from a year ago to 7.17 billion francs.

Net profit in the quarter surged 171.7% from a year ago to 2.07 billion francs compared to 762 million francs and diluted earnings per share increased to 0.54 francs from 0.20 francs.

UBS said operating profit in the quarter swung to 788 million francs compared to a loss of 554 francs and for the nine-month period more than doubled to 5.25 billion francs from 2.06 billion francs in the same period a year ago.

Asian Markets

Markets in Japan were closed today.

Stocks in Mumbai trading gained and the rupee edged lower as investors digested latest batch of earnings from power finance company and vehicle makers.

Rupee weakened 5 paisa to 65.64 against one U.S. dollar.

The Sensex Index rose 31.44 to close at 26,590.59. The CNX Nifty added 9.90 to 8,060.70.

Scooter and motorcycle sales in October surged in India.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc