Dow jumps 133 as Americans head to the polls

The blue chips rise thanks to gains for Caterpillar, Boeing and United Technologies. Crude oil tops $88; gold moves over $1,700. Intel rises despite a report Apple may stop using its chips. Chipotle jumps.

By Charley Blaine Nov 6, 2012 2:48PM
Charley BlaineUpdated: 8:40 p.m. ET

As Americans went to the polls today, Wall Street enjoyed a big rally, with the major averages finishing higher for the third time in four days.

The Dow Jones industrials ($INDU) finished up more than 130 points and, in two days, made back all of their losses on Friday in a rally built on gains for big energy, industrial and financial stocks.

 AT&T (T) and Intel (INTC) were the only Dow stocks not to finish in the black. Intel was hit by a report that Apple (AAPL) is thinking about replacing Intel-made chips in its Macintosh computers.

Oil prices were higher on worries that Superstorm Sandy has cut into domestic supplies of crude oil and refined energy products. The Energy Department will report on U.S. inventories on Wednesday. Gold (-GC) moved above $1,700 for the first time in three days. And the U.S. dollar is holding its own.

The Dow gained 133 points to 13,246. The Standard & Poor's 500 Index ($INX) gained 11 points to 1,428. The Nasdaq Composite Index ($COMPX) climbed 12 points to 3,012.
The Nasdaq-100 Index ($NDX) was up 8 points to 2,681. Apple, the biggest influence on the index, was off $1.77 to $582.85. The stock is still down 17% from its mid-September closing high of $702.10.

Crude oil (-GC) in New York was at $88.89 a barrel, up $3.24. Brent crude , the benchmark North Sea crude, jumped to $111.08 a barrel, up $3.35.

But the national average price of gasoline fell to $3.463 a gallon, down from $3.47 a gallon on Monday. according to AAA's Daily Fuel Gauge Report. The price is down 9.3% from a near-term high of $3.818 on Oct. 8.

Gold settled up $31.80 to $1,715 an ounce. Commodity prices generally were higher.

The rally  came as voters were lining up at polling places around the country to elect a president, members of Congress and a third of the U.S. Senate in what polls suggest will be one of the closest elections in recent years.

The betting site Intrade.com sees the odds of a win for President Barack Obama at 68%, with the odds of a Mitt Romney win at 32%. The Iowa Electronics Markets, which also lets investors speculate on the election outcome, sees similar odds.  Both sites see Obama winning a touch less than 51% of the popular vote and Romney winning around 49%.

It's no guarantee that what happens on Election Day will carry through beyond. Bespoke Investment Group says the S&P 500 had positive returns in only two of the last seven days after a presidential election.

But many on Wall Street believe that just getting a result -- whether it's Obama or Romney -- will add some certainty to financial markets.

Energy prices -- New York close



Tues.     Mon.

Month chg.

YTD chg.
Crude oil (-CL)

$88.71

$85.65

2.86%

-10.24%
(per barrel)











Heating oil (-HO)

$3.0529

$2.9829

-0.31%

4.76%
(per gallon)











Natural gas (-NG)

$3.6170

$3.5540

-2.03%

21.01%
(per mil. BTU)











Unleaded gasoline (-RB)

$2.6989

$2.6202

2.61%

1.56%
(per gallon)











Brent crude 

$110.84

$107.73

4.88%

3.22%
(per barrel)











Retail gasoline

$3.4630

$3.4700

-1.65%

5.71%
(per gallon; AAA)












Amazon.com wins one from Apple in Europe
After the close, Amazon.com (AMZN) shares were down slightly at $237.24 after Reuters said European Union regulators are to end an antitrust probe into e-book prices by accepting an offer by Apple and four publishers to ease price restrictions on Amazon.

That decision would hand online retailer Amazon a victory in its attempt to sell e-books cheaper than rivals in the fast-growing market publishers hope will boost revenue and increase customer numbers.

"Faced with years of court battles and uncertainty I can understand why some of these guys decided to fold their cards and take the whipping," said Mark Coker, founder of Smashwords, an ebook publisher and distributor that works with Apple.

Separately, Apple has told a judge that Samsung Electronics' Galaxy Note 10.1 device infringes its patents, and sought to add the Android 4.1 Jelly Bean operating system to an existing lawsuit against Samsung in California. It's the first time Apple has sought to add Google's (GOOG) popular smart-phone operating system to a patent case.

Vringo wins and loses

Shares of Vringo (VRNG) fell 38 cents to $3.57 after the mobile-phone software maker said a jury had asked five companies, including Google (GOOG), to pay about $30 million for infringing on its patents.


The shares dropped because Vringo had been looking for compensation of at least $696 million from the companies, financial website iStockAnalyst had previously reported.


The court-appointed jury in Norfolk, Va., upheld the validity of Vringo's patents and asked Google to pay $15.8 million, AOL (AOL) $7.9 million, IAC/InterActive's (ACI) IAC Search & Media $6.6 million and Gannett (GCI) $4.3 million, Vringo said.


Vringo inherited the lawsuit after it acquired Innovate/Protect (I/P), a company that specializes in monetizing intellectual property, in March.


I/P had filed a patent infringement lawsuit against AOL, Google, IAC, Gannett and Target (TGT) in 2011. Target was asked to pay $98,833.


The jury recommend that the court approve a 3.5% royalty rate that companies must pay.


A broad rally
Of the 30 Dow stocks, 28 were higher, along with 429 S&P 500 stocks and 78 Nasdaq-100 stocks. In addition, transportation stocks, especially trucking and railroad shares, were higher. So were chip and bank stocks.

Hewlett-Packard (HPQ), Boeing (BA) and United Technologies (UTX) were the biggest percentage gainers among the Dow stocks. United Technologies, Boeing, Caterpillar (CAT) 3M (MMM) and Chevron (CVX) contributed about 57 points to the Dow's gain.

Computer Sciences (CSC) was the top S&P 500 performer, up $5.34 to $36.80. The company has cut jobs and worked to better manage its contracts, helping boost cash flow. Computer Sciences said today it continues to reshuffle operations.

Chipotle Mexican Grill (CMG) added $14.49 to $279.69. The burrito chain criticized by hedge fund manager David Einhorn was raised to "buy" from "neutral" at Bank of America.

Lam Research (LRCX) gained 85 cents to $37.69. The chip-equipment company was raised to "positive" from "neutral" by Susquehanna Financial analyst Mehdi Hosseini. The 12-month share-price estimate is $48.

Express Scripts (ESRX) plunged $7.73 to $55.15 and was the worst S&P 500 performer. A "weak business climate and the unemployment outlook" may lead to a loss of members, depressed drug utilization and “increased client demands and expectations,” Express Scripts said in a statement. Profits for pharmacy benefits managers are tied to clients' drug costs as they act as middlemen among employers, health plans and the drug industry.

DirecTV (DTV) declined 15 cents to $50.51. The largest U.S. satellite-television provider reported third-quarter profit that trailed estimates after Latin American subscriber additions failed to meet analyst projections.

Fossil
(FOSL) tumbled $9.86 to $84.24. The maker of the namesake watch brand reported sales that trailed analysts’ estimates.

Zillow (Z) tumbled $6.22 to $28.15 after the real-estate website forecast fourth-quarter revenue below analysts' estimates. The company lost one of its larger advertisers, Foreclosure.com.

Shares of Emerson Electric (EMR) rose 96 cents to $51.46 after the industrial conglomerate posted adjusted earnings that topped Wall Street expectations. The company also said it wants to sell its $1.4 billion embedded computing and power business.

Short hits from the markets -- New York close



Tues.

Mon.

Month chg.

YTD chg.
Treasury yields











13-week Treasury bill

0.0900%

0.090%

-18.18%

800.00%
5-year Treasury note 

0.744%

0.699%

4.06%

-10.36%
10-year Treasury note

1.742%

1.684%

3.32%

-6.89%
30-year Treasury bond

2.916%

2.871%

2.28%

0.93%
Currencies











U.S. Dollar Index

80.715

80.843

0.91%

0.24%
British pound

1.6005

1.5985

-0.82%

3.01%
(in U.S. $)

 








U.S. $ in pounds

£0.625

£0.626

0.82%

-2.92%
Euro in dollars

$1.28

$1.28

-1.10%

-1.06%
(in U.S. $)

 








U.S. $ in euros

€ 0.780

€ 0.781

1.11%

1.08%
U.S. $ in yen 

80.52

80.23

0.90%

4.43%
U.S. $ in Chinese

6.25

6.24

0.25%

-1.22%
yuan











Canada dollar

$1.008

$1.004

0.81%

2.79%
(in U.S. $)

 








U.S. dollar 

$0.992

$0.996

-0.73%

-2.72%
(in Canadian $)

 








Commodities

 

 

 

 
Gold (-GC)

$1,714.40

$1,683.200

-0.27%

9.42%
(per troy ounce)

 








Copper (-HG)

$3.506

$3.470

-0.33%

2.04%
(per pound)

 








Silver (-SI)

$32.0340

$31.128

-0.87%

14.76%
(per troy ounce)

 








Wheat (-ZW)

$8.77

$8.660

1.45%

34.35%
(per bushel)

 








Corn (-ZC)

$7.4100

$7.355

-1.95%

14.62%
(per bushel)

 








Cotton 

$0.7010

$0.704

0.04%

-23.54%
(per pound)

 








Coffee

$1.5060

$1.509

-2.62%

-34.42%
(per pound)

 








Crude oil (-CL)

$88.71

$85.650

2.86%

-10.24%
(per barrel)










 

661Comments
Nov 7, 2012 4:18PM
avatar
Okay, you guys cannot believe the depth of depravity coming from:
1) the regular Right wing
2) Their paid salesfreaks.
3) Stupid people in general, that is over on the new thread !!!

One of them is even putting out things about assassinating
our President.  Even some of the Righties had to call him
on it.  I REPORTED IT.  This cannot be tolerated.

I tried to tell you,  my brethren, this battle is just beginning.
They think they can outlast, outwit and outplay. I bet they
can only outspend!  Let us put these two opposing
playbooks to the test.  

Nov 7, 2012 3:24PM
avatar
What does V_L call them: 
Far
Ultra
Christian
Klan
Evangelical
Radical
Sissies...something like that.

Nov 7, 2012 3:22PM
avatar
Hoo boy, looks like the radical right wing fringe nuts are all over the fresh Blaine Column now.
I am going for my walk.  Think I will stop by the brokerage with some buy orders. 

Cheerio all!

Nov 7, 2012 2:48PM
avatar

Good to see VF's dropping science like Galilao dropped the orange...

 

Points for anyone that can name the song...

Nov 7, 2012 2:40PM
avatar
"Romney made gobs and barely paid taxes due to carried interest.  Do you think he'll kill that exception?  Capital gains is 15%, do you think he would increase that to even 20%?  He actually said he wanted passive income up to 250K to be 0%.  That's further stacking the rules against people that actually work."

A failure to cooperate to reform this problem will pick off the Party of NO in Congress and leave it wide open for a one-sided cure. I'd rather see the Gang of Morons take a back seat and get some modern voices working together. Boehner blew it. He had the trust and cooperation of the President and trashed it. The others should realize this and get him to step aside.

You know the drill... Close the banks, end the Federal Reserve, get RID of Wall Street. Running out of time to recover jobs-- IT'S THE ONLY WAY TO AVOID THE FISCAL CLIFF.
Nov 7, 2012 2:39PM
avatar

I missed number 800....But have been seeing 444 and 555 a lot the last couple days...

Some of my favorite hands in Poker....

And with all this money talk, I think I hear a Table calling my name...

 

Lost enough with the rest of the "scumbags" today...

Maybe I can get some back, saying "hit me"...

 

Have fun, life is way to short; No matter what you do.

Nov 7, 2012 2:31PM
avatar

If I were to win....I really want it to be about $250-300 mil...

I (we)could have a lot of fun with that and maybe buy and sell the few neighbors we have..

Plus take care of Family first....Pay off all bills and loans...But wouldn't want anybody retiring that was under 50..

Would set up several Trusts, maybe even have some "offshore thingy" going on; But we would have already paid the taxes.

I would fund several food banks in the County.....From trusts.

We know of a couple cities that the Rich fund " full scholarship rides" for anyone graduating from highschool there...We would do that here also...We have a lot less kids...Probably a couple small towns near us....That would be fun...

Then I would buy myself a Lamborghini, a few cigars and good whiskey(cases).

And start a bigger animal shelter...

Probably have to go to Casinoes, at least once a week and spend SS money...?

Nov 7, 2012 2:21PM
avatar
"if someone has profited handsomely from the rules of the game being askew, do you think they'll make an effort change them?"

This is the crux of the issue we have with government, not just the Romney's of the world.  Obama, Pelosi, McConnell..... they are all on this list.

To act like Romney was the problem, and Obama is not is not accurate.  Missing that point means the problem doesn't get fixed.
Nov 7, 2012 2:15PM
avatar

Too Sick 2 Swag:

""No, we dont all think like you, Swaggart."

It's not "thinking like me." It's common sense. they are called "financial advisers," and people from both political parties hire them.
I shutter at the thought of where this country is heading after 4 more years of Obama's spoon fed class warfare propaganda.

HOW DARE PEOPLE BE SUCCESSFUL! THE SHAME!!!!"


Swags, it's not propaganda.  It's a reality that most people face everyday.  Reducing the take of the middle and lower classes and funneling it to the upper class is a actual process.  Hoarding assets and not allowing money to be spent that would stimulate the economy, creating tax receipts for the government so it can administer aid to those who need it and to plan for the future, is not just words. It's like a dragon who sits on his hoard and guards it against others, but otherwise not use it for any good purpose.  It's a hoarder's neurosis and treating insecurities, rather than fact.  It's the power seeker's addiction and narcissism.

Nov 7, 2012 2:14PM
avatar

We seem to be hanging around the -280 line,??...Think I smell a backtrack coming and maybe only down 125-150 on the close...

But CGT will tell you what the scumbags did..

Nov 7, 2012 2:12PM
avatar
Not quite as much radical junk today....It has subsided somewhat...?
Nov 7, 2012 2:10PM
avatar

Hello Jar...Nice to see you...And you are right, some of us are just Happy to be here...

 

As for the 20+ pages...It's just a leftover of scuttle from Charley's old blog..

Nov 7, 2012 2:02PM
avatar
JAR!!!!!!

What up my brotha!!!!!

Miss you.

Nov 7, 2012 2:02PM
avatar

2 Sick,

 

My brother from another mother... still fighting the good fight. As misguided as it might be.

 

I kid, (Me, 2012)

Nov 7, 2012 2:01PM
Nov 7, 2012 1:56PM
avatar

I see alot of the old timers popping up on here. Good to see.

Nov 7, 2012 1:56PM
avatar

Swag:  It's never been "How dare people be successful and make money" unless that's that you're looking to hear from it.

 

It's "If you've been successful, you've been helped out along the way.  The infrastucture has worked for you, the education system has worked for you, the financial system has worked for you, something greater that just the talent and drive evident in the entrepreneur helped make that happen.  By virue of gaining so much with the help, you should be helping other entreprenuers have the same chance, the same or better infrastucture and workforce to keep the nation moving."

Nov 7, 2012 1:50PM
avatar

Yes Brutus...Shades of Deklen....Just sayin'

 

I'm about done hearing or speaking Bush's name...."Let it be written, Let in be done." Cleopatra. from the mouth of Ramses...

About the same with Romoney.....He's done.....Now he only has to pick where he really lives.?

 

It's all a waste of time and thoughts.....And it has accomplished NOTHING.......!!

Nov 7, 2012 1:47PM
avatar
"No, we dont all think like you, Swaggart."

It's not "thinking like me."  It's common sense.  they are called "financial advisers," and people from both political parties hire them.

I shutter at the thought of where this country is heading after 4 more years of Obama's spoon fed class warfare propaganda.

HOW DARE PEOPLE BE SUCCESSFUL!  THE SHAME!!!!
Nov 7, 2012 1:46PM
avatar

2 Sick, it's a fairness issue.

You have people with massive amount of money who couldn't possibly use it  all "sensibly" within their lifetimes, and you have the homeless, the elderly and the working poor who go hungry because they don't have the resources / income to live a decent life.

Doesn't your, or any religion, speak of taking care of your fellow man?  Don't you see the moral dicotomy?


Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

RECENT QUOTES

WATCHLIST

Symbol
Last
Change
Shares
Quotes delayed at least 15 min
Sponsored by:

MARKET UPDATE

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Market index data delayed by 15 minutes

[BRIEFING.COM] The commodity complex was under pressure today as a stronger dollar index weighed on prices.

Dec gold pulled back from its session high of $1226.30 per ounce set in morning action and traded as low as $1214.60 per ounce, its lowest since January 2014. Unable to gain momentum, it settled 0.8% lower at $1216.50 per ounce, booking a loss of 1.2% for the week.

Dec silver fell to four year lows after trading as high as $18.49 per ounce in early morning floor trade. It ... More


Currencies

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Sponsored by:

VIDEO ON MSN MONEY