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Market Update

With Earnings in Focus S&P 500 Flirts with Best Weekly Gain in 2015

Author: Nichole Harper
Last Update: 2:23 PM ET October 09 2015

[2:20 PM New York City, New York Ė Market indexes on Wall Street lacked direction and the S&P 500 index hovered near the best weekly gain this year. Investor focus will turn to earnings as large banks are scheduled to announce results next week. American Airlines and United Continental led the airline stocks on strong forecasts.

Market indexes on Wall Street lacked direction and crude oil prices traded higher as investors prepare for earnings announcements scheduled next week.

September import price index fell 0.1% after 1.6% decrease in August. In September, export prices decreased 0.7% following 1.4% decline in August, the Department of Labor said.

Inventories in August rose 0.1% to $583.9 billion from the revised July data and jumped 4.1% from a year ago. In August, wholesale sales fell 1% to $445.4 billion from the revised July sales but declined 4.7% from a year ago month, the Department of Commerce reported.

On Wall Street, Tollbooth Strategy Index rose 16.73 or 0.2% to 10,515.29.

S&P 500 index slid 4.58 or 0.2% to 2,008.89 and the Nasdaq Composite Index rose 5.16 to 4,815.75.

Crude oil in New York increased 62 cents to $50.05 a barrel and gold surged $17.74 to $1,156.75 an ounce.

U.S. Movers

Alcoa Inc (AA) declined 4.8% or 53 cents to $10.48 after the aluminum producer said revenues in the third-quarter ending in September declined 10.7% from a year ago to $5.57 billion.

Net income in the quarter plunged 70.5% to $44 million or 2 cents per diluted share compared to $149 million or 12 cents from the same quarter last year.

UTi Worldwide Inc surged 47.9% or $2.26 to $6.98 after the air and ocean freight services provider agreed to be acquired by Denmark-based DSV for $7.10 in cash per share or about $1.35 billion.

The transaction is expected to close in the first-quarter of 2016.

European Markets

The seasonally adjusted U.K. trade deficit in goods and services in August narrowed to £3.3 billion from £4.5 billion in July.

Export prices in August fell 1.2% and import prices rose 0.2%.

The trade in goods deficit in three months to August widened £1.8 billion to £31.4 billion, Office of the National Statistics reported.

In London trading, FTSE 100 index increased 46.62 or 0.7% to 6,422.52 and in Frankfurt the DAX index gained 106.41 or 1% to 10,095.61.

In Paris, CAC 40 index jumped 31.46 or 0.7% to 4,707.37.

For the week, FTSE 100 index jumped 4.8% and the DAX index surged 5.7% and the CAC 40 index soared 5.6%.

Ferrari S.p.A, the parent of Italy-based luxury sports car maker plans to spin off Ferrari in an initial public offering to as much as Ä11 billion or $12.4 billion before the end of the month.

The stock is expected to trade on the New York Stock Exchange and the offering price range has still not been announced.

The luxury automaker plans to sell 10% in the public offering and 80% are expected to be allocated to Fiat Chrysler shareholders and the remaining 10% will be held by Piero Lardi, son of the founder Enzo Ferrari.

Roche Holding Ltd edged down 0.04% to 253.80 Swiss francs after the Switzerland-based healthcare company agreed to acquire the U.S.-based privately held biotechnology company Adheron Therapeutics, Inc for about $580 million.

The transaction is expected to close before the year-end.

Asian Markets

Stocks in Tokyo extended gains following the market surge in New York in overnight trading.

Market sentiment was positive after the indexes on Wall Street closed higher despite the latest Fed policy makerís meeting suggested most members held out for a rate hike later in the year.

The Nikkei 225 Stock Average jumped 297.50 or 1.6% to 18,141.17 and the broader Topix index increased 33.73 or 2.3% to 1,515.13.

For the week, Nikkei 225 soared 3.9%.

The yen strengthened to 120.12 against a dollar.

Ichigo, the real estate developer lifted annual revenues outlook. Meiko Network, the college preparatory services provider said annual revenues soared 21%.

In volatile week, benchmark indexes in Mumbai closed higher and extended weekly gains.

International markets in Asia and in Europe closed higher after normalcy returned to trading and the latest U.S. policymakers minutes of meeting suggested that most members held out for a rate hike this year.

Rupee strengthened 32 paisa to 64.73 against one U.S. dollar.

The Sensex Index advanced 233.70 or 0.9% to close at 27,079.51. The CNX Nifty increased 60.35 or 0.7% to 8,189.70.

For the week, Sensex Index soared 3.1% and CNX Nifty jumped 2.9%.

Tata Motorís Jaguar Land Rover plans to invest $30 million to build an assembly plant in Slovakia. DLF promoters plan to sell their 40% stake in rental arm and lower debt.

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