Stocks rose, after slumping the last two days, as investors became more optimistic that corporate earnings will grow following Alcoa’s strong top line results. With no major economic data released to the market today, financials lagged while healthcare stocks were bid higher. Tomorrow, investors will digest jobless claims numbers, wholesale inventory data and more corporate earnings. The Dow closed up 61.66 to 13,390.51.
German industrial production rose 0.2% in November; economists were estimating an expansion of 1.0%.
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Stocks posted their largest one-day drop since August 3, as investors reacted to the re-election of President Barack Obama. Uncertainty surrounding the resolution of the fiscal cliff, at year end, also weighed heavily on financial markets.
On the economic front, weekly mortgage applications declined 5% last week due to Hurricane Sandy’s interruption of business activity, according to the Mortgage Bankers Association.
Consumer borrowing rose by $11.36 billion in September which was mostly due to an increase in student loans.
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Stocks inched slightly higher today, as investors face uncertainty ahead of the Presidential election tomorrow and assess the effects each candidate will have on financial markets if victorious. Both candidates made final pushes through critical swing states. Concerns in Europe are on-going as market participants speculate whether or not Greece will be able to pass the new austerity bill through parliament.
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Ahead of the Bell: Dow futures are trading down 4 points and S&P futures are trading down 3 points. Euro zone leaders will meet today for the start of a two-day summit to try and work out their differences over plans for a banking union in the single currency bloc, while financial markets continue to wait and see if Spain will seek a bailout. A slew of economic data out of China helped lift optimism over the progress of the global economic recovery. Reports showed that the Chinese economy grew 7.4% in Q3 from a year ago.
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Stocks rallied higher today, as investors reacted to cheerful earnings from Citigroup and an encouraging retail sales report. Market sentiment was further lifted after German Finance Minister, Wolfgang Schaeuble indicated that Greece would not default, temporarily easing concerns over the debt crisis that has been weighing on global economies.
On the economic front, September retail sales rose 1.1%, better than the 0.8% increase forecasted by economists, and slightly higher than the previous revised increase of +1.2%.
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Stocks closed higher as continued hopes for QE3, while not largely expected to be announced this week, lend steady support to the markets. Investors are also encouraged by an imminent decision on a financial bailout package in Europe.
Germany’s Constitutional Court confirmed that the ruling on the permanent European bailout fund, the European Stability Mechanism (ESM), will take place Wednesday despite a new court challenge.
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