Market Overview

Dow, S&P 500 Close At Record Highs

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Dow, S&P 500 Close At Record Highs

U.S. stocks were mostly higher after Republicans took control of the Senate after Tuesday's elections as the Dow Jones Industrial Average (INDEXDJX: .DJI) and S&P 500 (INDEXSP: .INX) both closed at historical all-time highs.

"Congress will pass some bills I cannot sign; I'm pretty sure I'll take some actions that Congress won't like," Obama said in a press conference before adding: "we all agree on the need to create more jobs that pay well."

Oil rebounded after U.S. inventories rose, according to U.S. data reported today. Gold continued to decline, along with silver.

Private employers added 230,000 jobs in October, topping the 213,000 jobs created in September, installing a higher degree of confidence that Friday's employment report will be positive.

The Dow gained 0.58 percent, closing at 17,484.53.
The S&P 500 gained 0.57 percent, closing at 2,023.57.
The Nasdaq lost 0.06 percent, closing at 4,620.72.
Gold lost 2.28 percent, trading at $1,141.10 an ounce.
Oil gained 2.28 percent, trading at $78.95 a barrel.
Silver lost 4.22 percent, trading at $15.28 an ounce.

News Of Note

The MBA Mortgage Composite Index fell 2.6 percent after declining 6.6 percent last week.

The October ADP Jobs Report rose 230,000, in line with expectations after rising 213,000 in September.

The October Gallup U.S. Job Creation Index fell to 27 from 30 in September.

The October U.S. PMI Services Index Flash fell to 57.1 (in line with expectations) from 57.3 in October.

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The October ISM Non-Manufacturing Index fell to 57.1 (versus expectations of 58.0) from 58.6 in September.

EIA Crude Inventories rose 0.5 million barrels after rising 2.1 million barrels last week.

The Bank of Japan reiterated its commitment to achieve 2 percent inflation, noting “there are no limits to our policy tools.”

Equities News Of Note

Analysts at Morgan Stanley reiterated an Overweight rating on Alibaba Group Holding Ltd (NYSE: BABA) with a price target raised to $118.10 from a previous $111.10. Analysts at Brean Capital maintained a Buy rating with a price target raised to $115 from a previous $110, while analysts at Cantor Fitzgerald maintained a Buy rating with a price target raised to $110 from a previous $90.

Shares hit new 52-week highs of $110.14 before closing the day at $108.67, up 2.45 percent.

Actavis plc (NYSE: ACT), meanwhile, reported its third quarter results this morning. The company earned $3.42 per share, beating the consensus estimate of $3.09. Revenue of $2.67 billion missed the consensus estimate of $3.62 billion. Shares hit new 52-week highs of $254.41 before closing the day at $247.91, up 1.06 percent.

Time Warner Inc (NYSE: TWX) reported its third quarter results this morning. The company earned $0.97 per share, beating the consensus estimate of $0.94. Revenue of $6.20 billion beat the consensus estimate of $6.16 billion. Shares gained 4.03 percent, closing at $77.99.

David Einhorn revealed in a letter to investors a 2.9-million share position in EMC Corporation (NYSE: EMC) and called Amazon.com, Inc.'s (NASDAQ: AMZN) recent quarterly results disappointing, hinting the stock is a “bubble.” Shares of EMC gained 0.45 percent, closing at $29.04, while shares of Amazon lost 2.08 percent, closing at $296.52.

Greenlight Capital disclosed in a letter to investors its short position in Keurig Green Mountain Inc (NASDAQ: GMCR) has been closed out. Shares lost 1.08 percent, closing at $150.46.

The Gap Inc. (NYSE: GPS) said that it has now surpassed 100 stores in Greater China. Shares lost 0.19 percent, closing at $37.25.

Level 3 Communications, Inc. (NYSE: LVLT) said that Google's cloud platform has joined the company's Cloud Connect Solutions Ecosystem. Shares lost 0.87 percent, closing at $46.84.

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Toyota Motor Corp (ADR) (NYSE: TM) raised its full-year net profit forecast to 2 trillion yen ($17.6 billion) from a prior estimate of 1.78 trillion yen. Shares gained 1.65 percent, closing at $121.37.

Quote Of The Day

“One of the points I make consistently to our people is that we want to become the company that will put us out of business.” -American Express CEO Ken Chenault speaking at Money 2020.

Posted-In: Actavis ADP Jobs Report Alibaba Crude Inventories David Einhorn Greenlight Capital job creationNews Best of Benzinga

 

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