All 3 main U.S. stocks indices ended the day in the green, with the Dow Jones closing above 17,00 for the first time in weeks. Nasdaq surged 1.7% after speculation of a possible partnership between Apple (AAPL) and Alibaba (BABA). Both companies benefited from the speculation, as Alibaba closed the day up 1.4%, while Apple ended the day up 1.3%. The Fed began their 2-day meeting to discuss their next steps regarding the interest rates today. It is expected, however, that the Fed will likely stay course and increase the near-zero interest rates by mid 2015. Facebook (FB) once again bested Wall Street’s expectations today. Wall Street expected revenue of $3.1 billion but Facebook reported Q3 revenue of $3.2 billion. Facebook also surpassed EPS expectations by 3 cents.
Word on the Street
- Fed opened 2-day meeting today.
- Facebook (FB) tops Wall Street’s estimates.
- Lloyds Banking Group to cut 9,000 jobs, close 200 branches.
- Coach (COH) down nearly 40% this year.
- FTC investigating AT&T (T) over misleading cutomers.
- Lowe’s (LOW) to begin using robots in stores to assist customers.
- Twitter (TWTR) stock down sharply on third quarter earnings.