Market Overview

Mid-Afternoon Market Update: Markets Remain Green Ahead of House Vote

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Toward the end of trading Wednesday, the Dow traded up 1.14 percent to 15,341.64 while the NASDAQ surged 1.10 percent to 3,835.04. The S&P also rose, gaining 1.17 percent to 1,717.82.

Top Headline
Bank of America (NYSE: BAC) reported a rise in its third-quarter profit. Bank of America's quarterly profit surged to $2.5 billion, from $340 million, in the year-earlier quarter. Its per share earnings came in at $0.20, beating analysts' estimates of $0.19 per share. Its revenue declined to $22.2 billion, from $22.5 billion.

Equities Trading UP
Advance Auto Parts (NYSE: AAP) shot up 16.82 percent to $ 96.32 after the company announced its plans to buy General Parts for $2.04 billion.

Shares of MGIC Investment (NYSE: MTG) got a boost, shooting up 13.36 percent to $8.23 after the company reported upbeat Q3 profit.

Veeva Systems (NYSE: VEEV) was also up, gaining 85.65 percent to $37.13 following a very successful IPO this morning.

Equities Trading DOWN
Shares of Stanley Black & Decker (NYSE: SWK) were down 14.41 percent to $76.61 after the company reported a 44% rise in its third-quarter earnings and cut its outlook for the year.

Molycorp (NYSE: MCP) shares tumbled 4.30 percent to $5.34 after the company priced 45 million shares of common stock at $5.00 per share.

GenCorp (NYSE: GY) was also down, falling 9.20 percent to $15.10 after the company report its third quarter earnings on Tuesday. 

Commodities
In commodity news, oil traded up 0.99 percent to $102.21, while gold traded down 0.63 percent to $1,281.30. Silver traded up 0.15 percent Wednesday to $21.34, while copper rose 0.08 percent to $3.31.

Eurozone
European shares were mostly higher today. The Spanish Ibex Index rose 0.75 percent, while Italy's FTSE MIB Index gained 1.45 percent. Meanwhile, the German DAX rose 0.47 percent and the French CAC 40 declined 0.29 percent while U.K. shares gained 0.34 percent.

Economics

The MBA's index of mortgage application activity fell 0.30% for the week ended October 11, from a prior reading of 1.30%. The NAHB housing market index declined to 55 in October, versus 57 in September. However, economists were expecting a reading of 57.00. The Federal Reserve will release its Beige Book at 2:00 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s

 

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