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Market Update

U.S. Short Term Accord Lifts Market Sentiment for Now, Earnings in Focus

Author: Nichole Harper
Last Update: 1:16 PM ET October 17 2013

1:10 PM New York U.S. indexes steadily climbed into positive zone as investors shifted focus to domestic earnings from political fracturing in Republican Party. Verizon net soared 40% and estimated growth to continue. Goldman Sachs commodities revenues declined. IBM plunged on revenue fall.

U.S. averted debt default after a last minute agreement among lawmakers reopened the government and revised debt ceiling.

However, the current political malaise is likely to resurface in late January as the agreement funds the government until mid-January and increases debt limit till February 7.

S&P 500 index increased 4.46 or 0.26% to 1,726 and Nasdaq Composite Index gained 11.63 or 0.3% to 3,851. 06.

In London trading, FTSE 100 index slid 0.2% or 13.84 to 6,556 and in Frankfurt the DAX index dropped 0.6% or 55.58 to 8,790. In Paris, CAC 40 index fell 0.5% or 20.57 to 4,223.

U.S. Stocks in Review

U.S. Stocks in Review

American Express (AXP) gained 4% to $79.15 said worldwide card spending increased 7.3% to $236.2 billion.

Total revenue in the third-quarter ending in September jumped 6% to $8.30 billion. Net income in the quarter climbed 9% to $1.37 billion or $1.25 a diluted share compared to $1.24 billion or $1.09.

EBay Inc (EBAY) dropped 4% to $51.75 and the online marketplace operator said fourth-quarter sales will be between $4.5 billion and $4.6 billion. The company also estimated lower than expected profit in the quarter.

Goldman Sachs (GS) dropped 2.4% to $158.48 and the financial firm said earnings were unchanged and revenues declined 20%. Goldman also increased dividend by 10%.

IBM (IBM) plunged 6% to $176.83 after the technology company said third-quarter revenues declined 4% to $23.7 billion, lower than expected by analysts.

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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