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.
Word on the Street
- Twitter's test run on the NYSE considered a success.
- Is the U.S. economy slowing down?
- Nasdaq is still recovering a year after Facebook (FB) debuted it IPO.
- Adjustable mortgage rates at 2.5%, but is it worth the risk?
- U.S. manufacturing output increased in September, only slightly.
- Is Varian Medical Systems (VAR) up or down after Q4 earnings report?
Published on Oct 28, 2013By InvestorGuide Staff