Friday, October 23, 2015 1:39:32 PM
good earning quarter so far:
heavyweights Alphabet (GOOGL 734.95, +53.81), Amazon (AMZN 601.57, +37.66), and Microsoft (MSFT 52.92, +4.89) beat their respective results last evening, which sparked a rally in equity futures. Futures held those gains through the night, extending their advance this morning after the People's Bank of China lowered its one-year lending rate by 25 basis points to 4.35% and cut its reserve requirement ratio by 50 basis points for qualifying institutions.
The news from China ensured a sharply higher start, but the market has not been able to build on the opening surge. Instead, stocks have drifted back from their highs with the S&P 500 surrendering about a third of its opening advance. Still, the benchmark index remains on track to end the week higher by 1.8%. Biotechnology has contributed to the strength in health care, evidenced by a 2.2% spike in iShares Nasdaq Biotechnology ETF (IBB 312.61, +6.50).
The Dollar Index continues to rally higher as China surprised markets by cutting lending rates and the level of reserves banks must hold. While long rumored the timing caught markets off-guard and comes on the heels of a dovish press conference held by the ECB on Thursday.
A day before, good numbers from MCD and BA
heavyweights Alphabet (GOOGL 734.95, +53.81), Amazon (AMZN 601.57, +37.66), and Microsoft (MSFT 52.92, +4.89) beat their respective results last evening, which sparked a rally in equity futures. Futures held those gains through the night, extending their advance this morning after the People's Bank of China lowered its one-year lending rate by 25 basis points to 4.35% and cut its reserve requirement ratio by 50 basis points for qualifying institutions.
The news from China ensured a sharply higher start, but the market has not been able to build on the opening surge. Instead, stocks have drifted back from their highs with the S&P 500 surrendering about a third of its opening advance. Still, the benchmark index remains on track to end the week higher by 1.8%. Biotechnology has contributed to the strength in health care, evidenced by a 2.2% spike in iShares Nasdaq Biotechnology ETF (IBB 312.61, +6.50).
The Dollar Index continues to rally higher as China surprised markets by cutting lending rates and the level of reserves banks must hold. While long rumored the timing caught markets off-guard and comes on the heels of a dovish press conference held by the ECB on Thursday.
A day before, good numbers from MCD and BA
My post is for my entertainment, do your own DD before pushing your
buy/sell buttons
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