And say the market is reaching extremes of being oversold theres been signs of internal panic and we were set up for at least some kind of snapback. A couple caveats there, we did have a couple tuesday rallies of 5 and 6 the past couple weeks that did not arrest the downtrend. One thing you can hang a little bit of weight on right now is the fact that over the past several days youve been able to look below the surface of the indexes and see more differentiation, separating winners from losers and a little more stock picking and less indiscriminate selling all sets us up for a good bounce on obviously expectations of policy traction that were getting from the fed and congress likely. All that seems to say its a bounce, a very strong one, its an overdue one will it carry on to anything i dont know that we can say for sure, but i like to say every bottom start with a bounce, not every bounce becomes a bottom. In the meantime just i think to put your point into one phrase, its turnaround
Forced down Energy Company shares in the s p 500. They fell 2. 4 today. 5. 4 so far this week. Fed chatter didnt help. Evans, dudley, lacquer, yellen, they all spoke. None broke new ground, but none quelled worries that Interest Rates may rise at the Central Banks next policy meeting in december. More on that in a moment. Meantime, the Dow Jones Industrial average fell 254 points to 17,448. Nasdaq declined 61. The s p 500 off 29 and is now negative for the year. Dow component cisco issues a disappointing outlook despite reporting a rise in profit. The Network Equipment maker earned 59 cents a share, 3 cents better than estimates. Revenues were also better than expected, coming in at more than 12 billion, an increase of 3. 5 from last year. But projected revenue and Earnings Growth were below estimates, and that initially pressured the stock in afterhours trading. Jon fortt has the key takeaway from ciscos results. Reporter one takeaway from ciscos earnings is that the guidance is what
The Dow Jones Industrial average soared 320 points to 17,489. The nasdaq rose 79. And the s p 500 gained 33. And that optimism could extend into tomorrow after a trifecta of positive tech earnings from microsoft, amazon, and googles parent company, alphabet, were released late today. Lets start with alphabet. Starts with the letter a, after all. The Company Reported earnings per share of 7. 35, 14 cents better than expectations. Revenue also Beat Estimates and was 13 higher than last year. The company said the number of clicks on ads shown on its website grew more than 20 . It also announced a 5 billion buyback. That sent shares higher in initial afterhours trading. With the new Corporate Structure, shareholders may be in for some bigger changes when the Company Releases its next earnings report. And as josh lipton reports, it could bolster the case for the alphabet bulls. Reporter when google cofounder larry page explained why he created alphabet, he said one reason was to build a cle
That smashed expectations. Ford sales up 23 . Fiat chrysler saw a 13 1 2 rise. And gm posted a 12 1 2 jump. Phil lebeau tells us why sales are so strong at the big three. Reporter call it a sizzling september in the showroom. U. S. Auto sales roared to their strongest Monthly Sales pace since july of 2005. Most of the major automakers posted doubledigit gains, with some like General Motors doing far better than expected. What drove those strong numbers . Labor day, which is traditionally one of the busiest weekends of the year for auto dealers, gave september sales an early pop. Meanwhile, trucks and suvs remain red hot thanks to low gas prices. And the combination of strong Consumer Confidence and low Interest Rates is convincing millions this is the time to buy a new vehicle. Even volkswagen, which has been rocked by the diesel emissions scandal, pulled out a slight gain in sales last month. Impressive, since massive negative publicity and an order not to sell clean diesel models lef
Was temporary or a bit more. Its also the penultimate jobs report before the federal reserves next meeting in december, where many believe the central bank might raise Interest Rates. Hampton pearson takes a look at what to expect and where we stand. Reporter most of the economists and fed watchers are looking for a rebound in job growth in october. The Consensus Forecast calls for an increase of 180,000 jobs added to nonfarm payrolls, well above the average of just 139,000 for august and september. With headline Unemployment Holding steady at 5. 1 . Were expecting about 180. If it comes in anywhere north of 150, i think the market will still believe that they plan on tightening. Reporter its the first of two employment reports that will be on the desk of Monetary Policy makers when they meet in december. A meeting described this week by fed chair janet yellen as a live possibility for the first rate hike in nearly a decade. What the committee has been expecting is that the economy wil