Corporate Profit Drives Today's Market

Corporate profit was the driving force throughout the day after many companies in the S&P reported their Q3 earnings. There was a 4.5% increase of corporate profit during the quarter. The earnings reports that have been coming have roughly been in line with the long term averages. So far 68% beat their earnings expectations, 19% failed to meet their expectations, and 13% matched. Crude oil prices rose $0.69 after falling much of last week. Since pending homes sales declined throughout the month of September, we should expect a lower number home sales this quarter. The fourth quarter remains questionable for many industries due to the 16-day government shutdown we experienced earlier this month.
The S&P 500 index achieved another record high on Monday, while the Dow Jones and Nasdaq didn't fare as well.

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Published on Oct 28, 2013
By InvestorGuide Staff

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