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 $1,700. Intel rises despite a report Apple may stop using its chips. Chipotle jumps.
Updated: 8:40 p.m. ETAs Americans went to the polls today, Wall Street enjoyed a big rally, with the major averages finishing higher for the third time in four days.
The Dow Jones industrials ($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) | ||||||||||||
==No ones is MAKING you read my posst , correct Cretin ?
Yet you , and the other step n fetch it , darkies follow me like a dog in heat.
I own you slaves but what to do with such worthless , disgusting objects is the question?
LOL====
Here's a example classic this moron actually thinks he has a following.It writes the same crap every post. It is so freaking boring.
Know watch it will post something like you sambo cretin you seem to be following me how dumb do you get, go fetch me some water ngger.
Really is that what the Republican party has become, very sad.
Chris Christie, Colin Powell and Mike Bloomberg saw the light and dumped the lyin Mexican Mormon Moron. Christie would not even come to Obama's PA rally. Now it is Ron Paul's turn. This must really hurt the braindead repuke dunces.
This is great news. Gary Johnson may take away some of the Mexican Mormon Moron's votes.
This is great news for Obama. Ron Paul has "washed his hands" of the republican party after 30 years. He claims they are liars, cheats and criminals. His backers will probably not vote for lyin Willardo, the Mexican Mormon Moron tax evader, bankrupter, draft dodger, job outsourcer and Etch a Sketch Champion. This should easily allow Obama to win. His backers are considering drafting Gary Johnson, the former governor of New Mexico to run.
Johnson, in my opinion, is too honest to win. He is truly, the only decent candidate the repuke freaks had, but they shut him out. Repukes - the party of voter supression.
"The irony of the announcement by Congressman Paul is that it was the Republican party who first rejected him, long before Paul's decision to wash his hands of the GOP. During the primary campaign season, multiple Republican committees in states across the country used rule changes and local law enforcement to ensure the Texas Congressman did not succeed in winning primaries. Couple this with the fraudulent attempt to keep Ron Paul from being nominated at the Convention by stealing his delegates in Maine, and in other states, and it is no surprise that the soon to retire Congressman has had enough of the corrupt political party he supported for more than 30 years."
The catholic nuns really helped turn this race around for Obama, in my opinion, when they started their bus tour to explain to people how Lyin Ryan and Lyin Willardo were going to destroy medicare and healthcare as they know it.
When nuns and bishops speak out against the criminal repukes, they should be congratulated for it.
This "Baindead" pick of Ryan is going to cause lyin Willardo, the Mexican Mormon Moron to lose the nun and bishop votes. They HATE Ryan and his lies.
Any senior or anyone else on medicare who votes for a pathetic, psychotic, facist repuke for president is cutting their own throat. Your medicare costs will go up about $6,000 a year, and your secondary insurance will skyrocket. This is according to the CBO. The National Council of Bishops who support the lying repukes only because of abortion, have highly cr iticized the Ryan voucher plan as being cruel and harsh and can't support it. It gives an average $250,000 tax cut to millionaires while cutting medicare.
There is a group of nuns travelling around the country who call themeselves "Nuns on a Bus". Their goal is to correct all the false information and lies spread by Paul Ryan that his plan is going help anyone but the wealthiest 2%. They also claim the the Ryan plan is a disaster for the poor and needy people in this country and that you should vote against the republicans.
Once the medicare funds get into the hands of the repukes corporate criminal backers, it will be destroyed.
Repukes are typical right wing dunces that listen to Fox Lies with Eric Bowleggs, David Axxwipes and The Sludge. Even Miss Piggy has more brains than these braindead repukes, as she knows that Faux News is only a pretend news channel and is only a poor excuse for a comedy channel.
There had to be a reason that Rick the Dick Sanitarium and Nut Gingerhead, the criminal lobbyist both agreed that lyin Willardo is the worst person to ever run for president in U.S. history, that he can't be trusted and will destroy our country.
They both brought Etch A Sketch boards to their news conferences to prove their points.
I figure there's gonna be a lot of celebrating tonight...
Probably a lot of gunshots and fireworks going on....
I hope no one kills themselves or others because Obammy gets re-elected...
And the fireworks will just be for the dawning of another day...Maybe this time more will get accomplished..And I hope many,will give up on ill will and worry about America and not themselves.
The congress had a 23% approval rating before the right wing radical cracked teanut dopes were elected. Now it is about 11%, the lowest in history.
The first two thing these repuke freaks did when in congress was to try to get two bills passed making Creationism the equal science of evolution and abortion banned. Nothing about jobs.
Classic I really don't have anything to post. It seems in order to read the post you have to sign in and post to get them in the order they should be in.
Time for talk is over, it's put up time.
I did notice the normal right wing whacks with their normal rants. It seems you're the only one of them with any intelligence whatsoever, not a compliment just a sad observation.
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