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Market Sells on Rising Rates
Nov 01, 4:35 PM EST |
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| Fed funds rate at 4%, Dell lowered earnings and revenue guidance and worries on inflation kept averages under check after three days of advance. |
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| Market ignored better than earnings from Colgate, P&G, CMS Energy, Chesapeake and others. Rise of Fed funds rates, widely expected, dampened market mood as investors turned their focus to infaltion of after solid advances of three days. Domestic auto sales fell in October. Consttruction spending in September declines to 0.5% but stays elevated. |
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25 Basis Points Hike
Nov 01, 2:26 PM EST |
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| Fed approved unanimously Fed Funds rate hike by 25 basis points to 4% and discount rate hike by the same to 5%. |
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| The worst performer of the session has proved to be the Utilities sector,currently down 2.1%, on disappointing Q3 earnings reports from Ameren, PPL Corp, and TXU Corp. Weakness in the Treasury market have also weighed on sentiment with bonds under pressure on the Oct ISM Index, up 84%, the highest since May 2004. |
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Holding Pattern Till Fed's Decision
Nov 01, 10:56 AM EST |
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| Procter & Gamble's Q3 profit rise tops estimates. Colgate-Palmolive Co's income comes in line with estimates. Rowan Cos posts eight-fold income jump. |
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| The Commerce Departrment reported that construction spending in October rose 0.5% to $1.12 trillion, hitting an all-time high on lower rates. The Institute for Supply Management issued a report on the U.S. economy''s industrial sector, which said its manufacturing index was at 59.1% in October, down from September''s 59.4%. |
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Dell Disappoints
Nov 01, 9:09 AM EST |
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| Oil prices declined further below $60 a barrel on warmer weather forecast. Gold traded mixed. The dollar reached a two-year high against the yen. |
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| Asian markets closed mostly higher, led by Kospi, up 2.7%, followed by the Nikkei, up 1.9%. European stocks consolidated at mid-day on weaker automakers and oil stocks, as well as warning from Dell. The computer giant released lowered preliminary Q3 earnings outlook and revenue far below projections, citing sales decrease. Procter&Gamble and Colgate-Palmolive Co released third-quarter profit rise, beating and in line with estimates respectively. |
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Rate Hike and Dell Weighs On Opening
Nov 01, 8:00 AM EST |
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| EARNINGS WIRE: Proctor & Gamble reported profit of 77 cents vs 70 cents a year ago. Viacom reported profit of 45 cent vs. loss of 28 cents. |
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| Markets in Asia generally closed higher and in Europe are trading higher. Most of the trading session in Tokyo was closed due to a computer glitch. The world''s second largest stock market by capitalization of $4.5 trillion suffered its last glitch in 1997. Markets in Europe are higher led by rising shares in the U.K. and Switzerland. |
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Chesapeake, Occidental, Valero, Record Net
Nov 01, 4:05 AM EST |
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| Chesapeake raised its annual organic growth target from 7% to 10%. Occidental began drilling in Libya and Valero nearly doubles its profit. |
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| Last week, oil giants Exxon Mobil, Royal Dutch Sheel, BP, and Chevron, Murphy Oil, Amerada Hess, Kerr-McGee and Conoco Phillips reported a combined third quarter profit of $30 billion. Occidental, Chesapeake and Valero are latest energy sector companies to report a record quarter. |
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