Mid-Morning Market Update: Markets Surge; Chevron Posts Lower Profit
Following the market opening Friday, the Dow traded up 0.53 percent to 15,628.01 while the NASDAQ gained 0.36 percent to 3,933.77. The S&P also rose, surging 0.36 percent to 1,762.94.
Chevron's quarterly profit fell to $4.95 billion, or $2.57 per share, from a year-ago profit of $5.25 billion, or $2.69 per share.
Its revenue rose 0.8 percent to $58.5 billion. However, analysts were expecting earnings of $2.71 per share on revenue of $58.41 billion.
Shares of Office Depot (NYSE: ODP) got a boost, shooting up 3.94 percent to $5.81 after the US Federal Trade Commission closed probe of proposed Office Depot/OfficeMax merger.
Southwestern Energy Co (NYSE: SWN) was also up, gaining 4.41 percent to $38.86 after the company reported Q3 financial and operating results. Stifel Nicolaus upgraded the stock from Hold to Buy.
Equities Trading DOWN
Shares of Ellie Mae (NYSE: ELLI) were down 18.58 percent to $23.53 after the company reported a weaker-than-expected Q3 profit. Ellie Mae also signed a definitive agreement to buy MortgageCEO.
American International Group (NYSE: AIG) shares tumbled 6.07 percent to $48.51 after the company reported a 17 percent rise in its third-quarter net income.
Bruker (NASDAQ: BRKR) was down, falling 8.85 percent to $18.65 on Q3 results.
In commodity news, oil traded down 0.93 percent to $95.48, while gold traded down 0.62 percent to $1,315.50.
Silver traded up 0.24 percent Friday to $21.92, while copper fell 0.03 percent to $3.30.
European shares were mostly lower today. The Spanish Ibex Index fell 0.16 percent, while Italy's FTSE MIB Index declined 0.27 percent. Meanwhile, the German DAX fell 0.14 percent and the French CAC 40 dropped 0.09 percent while U.K. shares rose 0.11 percent.
The final reading of Markit manufacturing PMI surged to 51.8 in October, versus a flash reading of 51.1.
The ISM manufacturing index rose to 56.40 in October, from a prior reading of 56.20. However, economists were expecting a reading of 55.00.
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