Dow gains 19 in pre-election trading

The major indexes move ahead in afternoon trading. Apple rises after selling 3 million iPads over the weekend. Crude oil and gold move higher. Investment bank KBW agrees to merge with Stifel Financial. Toyota profits jump.

By Charley Blaine Nov 5, 2012 2:01PM
Charley BlaineUpdated: 7:56 p.m. ET

Stocks closed with small gains today, the last full session before Election Day. It was a day of low volume as many investors and traders began to hunker down, awaiting election returns.

There was some strength in technology shares, in part because Apple (AAPL) said it sold 3 million iPad tablet devices over the weekend -- a possible signal of a strong holiday season. Apple finished up $7.82 to $584.62; the shares had reached as high as $587.77.

Housing stocks were higher, although there was no news. But investors appear to be betting that the rebound in housing activity that began this year will continue in 2013 regardless of who wins the presidential election on Tuesday.

Gold (-GC) settled up $8 to $1,683.29 an ounce, and crude oil (-CL) in New York closed  at $85.65 a barrel, up 79 cents. Brent crude, which many traders believe is a better measure of global demand, also was higher.

The Dow Jones industrials ($INDU) closed up 19 points to 13,112. The Standard & Poor's 500 Index ($INX) gained 3 points to 1,417, and the Nasdaq Composite Index ($COMPX) climbed 18 points to just under 3,000. The modest gains came after a strong rally on Thursday and a drubbing on Friday that saw the Dow fall 139 points. 

Article continues below.
The Nasdaq-100 Index ($NDX) was up 17 points to 2,673, with 61 stocks in the index showing gains.

The calm before  . . .
The day  before Election Day is usually fairly quiet -- even in November 2008, when the Dow and S&P 500 closed slightly lower on the Monday before the election. The Nasdaq had a small gain that day. On Election Day itself, the Dow jumped more than 300 points -- and fell more than 800 in the two days after then-Sen. Barack Obama defeated Sen. John McCain.

On Nov. 6, 2000, the day before the George W. Bush/Al Gore election, the Dow was up 135 points, with the S&P 500 up 6 points. The Nasdaq, however, fell 35 points. Once the reality hit that the Florida election count would end up in the courts, the market fell back sharply.

Most polls suggest an extremely close result, with Obama expected to defeat former Massachusetts Gov. Mitt Romney and Democrats maintaining control of the U.S. Senate. The House of Representatives is likely to remain in Republican control.

Intrade.com, the Irish betting site, and the Iowa Electronics Markets site, run by the University of Iowa College of Business, see the odds of an Obama win at better than 67%.  Both see narrow victory margins for the president.

The markets are, of course, open on Tuesday. (Actually, until 1982, stocks didn't trade on Election Day.) Earnings are due from News Corp. (NWSA), Fossil (FOSL) and Prudential Financial (PRU).

Futures trading suggests a modestly lower open.

Energy prices -- New York close



Mon.     Fri.

Month chg.

YTD chg.
Crude oil (-CL)

$85.65

$84.86

-0.68%

-13.34%
(per barrel)











Heating oil (-HO)

$2.9829

$2.9474

-2.59%

2.36%
(per gallon)











Natural gas (-NG)

$3.5540

$3.5540

-3.74%

18.90%
(per mil. BTU)











Unleaded gasoline (-RB)

$2.6202

$2.5736

-0.38%

-1.40%
(per gallon)











Brent crude 

$107.73

$105.68

1.94%

0.33%
(per barrel)











Retail gasoline

$3.4700

$3.4750

-1.45%

5.92%
(per gallon; AAA)












ISM non-manufacturing index slips
In the day's one big economic report, the Institute for Supply Management’s non-manufacturing index declined to 54.2 last month from 55.1 in September.

Economists projected 54.5. Readings above 50 signal expansion in the gauge of industries that account for almost 90% of the economy.

Sales and new orders slowed. But a measure of employment rose, indicating services firms hired more.

The report measures growth in a broad range of businesses from retail and construction companies to health care and financial services firms. The industries covered employ about 90% of the workforce.


A gauge of hiring rose to a seven-month high of 54.9. The government said Friday that services firms added 163,000 net jobs in October. It was the best showing since February and represented 95% of the jobs created last month.


Netflix moves to block Icahn
Netflix (NFLX) shares were up $1.34 to $78.24 after it announced it is protecting itself against hostile takeovers, less than a week after activist investor Carl Icahn disclosed a stake of nearly 10% in the online video company.


The company said today it has adopted a shareholder rights plan, also known as a poison pill. A poison pill is designed to make it difficult or even impossible for someone to take over the company without an agreement from the board. When the provision is triggered, additional shares flood the market and make it prohibitively expensive for a takeover.


In a Securities and Exchange Commission filing, Icahn called Netflix's poison pill "an example of poor corporate governance" because the company didn't seek a shareholder vote.


A boutique investment bank gets a merger offer
KBW
(KBW) jumped $1.7 to $17.47. The investment banking firm, which has specialized on the business in the financial services sectors, agreed to merge with Stifel Financial (SF) in a cash-and-stock deal valued at $575 million. Stifel rose 67 cents to $32.58.

FuelCell Energy (FCEL) climbed 12 cents to $1.03. The U.S. manufacturer of fuel-cell power plants announced its biggest order to date. Posco, South Korea’s largest steelmaker, agreed to pay about $181 million for 121.8 megawatts of power plants and services beginning in May, FuelCell said today in a statement.

Transocean (RIG) climbed $2.58 to $48.64. The world’s largest offshore rig contractor posted adjusted third-quarter earnings that exceeded estimates on improved cost control.

Time Warner Cable (TWC) slumped $6.24 to $91.93. It lost 140,000 video subscribers, more than the 128,000 that analysts had estimated. Time Warner Cable has become “top-heavy” after shares gained more than 54%, Todd Mitchell, an analyst at Brean Capital, told Bloomberg News. Its operations also aren’t as strong as those of industry leader Comcast (CMCSA).

Radian Group (RDN) tumbled 55 cents to $4.83 after Barron’s said the mortgage insurer may eventually incur costs for claims that it denied.

Toyota's big rebound sends shares higher
Toyota Motor
(TM) saw profits more than triple in the third quarter, as the company rebounded in a big way from the March 2011 earthquake and tsunami in Japan. The disaster crippled Toyota’s supply chain, and kept it from supplying dealers with new cars.

The company is still getting hurt by the strong yen, but has been able to take back market share that it lost in the U.S. after the earthquake. Toyota sold 1.26 million units in the U.S., versus 572,000 a year ago. Shares in New York rose $3.55 to $81.35.

The market sees modest gains
Seventeen of the 30 Dow stocks were higher, and a majority of shares in the S&P 500 and Nasdaq-100 indexes were up as well.

The Dow Jones Transportation Average ($DJT), watched closely as a leading indicator for the economy, was up  14 points to 5,124. The index was up 0.3% last week and is up 4.7% for the quarter.

Energy stocks, materials stocks (especially steel stocks) and tech shares were the leading sectors. Utilities and telecom shares were weaker.

Hewlett-Packard (HPQ), Caterpillar (CAT) and Walt Disney (DIS) were the Dow leaders. United Health (UNH) and Bank of America (BAC) were the laggards.

E*Trade Financial (ETFC), oil services company Cameron International (CAM) and chip-maker NVidia (NVDA) were the S&P 500 leaders. Wynn Resorts (WYNN), Time Warner Cable and Pall (PLL) were the laggards.

Nvidia, Flextronics (FLEX) and Texas Instruments (TXN) were the top Nasdaq-100 stocks. Sirius XM Radio (SIRI), Green Mountain Coffee Roasters (GMCR) and pharmaceutical company Warner Chilcott (WCRX) were the laggards.

Short hits from the markets -- New York close



Mon.

Fri.

Month chg.

YTD chg.
Treasury yields











13-week Treasury bill

0.0900%

0.090%

-18.18%

800.00%
5-year Treasury note 

0.699%

0.728%

-2.24%

-15.78%
10-year Treasury note

1.684%

1.726%

-0.12%

-9.99%
30-year Treasury bond

2.871%

2.917%

0.70%

-0.62%
Currencies











U.S. Dollar Index

80.843

80.683

1.07%

0.40%
British pound

1.5972

1.6026

-1.02%

2.80%
(in U.S. $)

 








U.S. $ in pounds

£0.626

£0.624

1.03%

-2.72%
Euro in dollars

$1.28

$1.28

-1.36%

-1.32%
(in U.S. $)

 








U.S. $ in euros

€ 0.782

€ 0.780

1.37%

1.33%
U.S. $ in yen 

80.39

80.52

0.73%

4.26%
U.S. $ in Chinese

6.27

6.24

0.56%

-0.90%
yuan











Canada dollar

$1.005

$1.005

0.43%

2.40%
(in U.S. $)

 








U.S. dollar 

$0.996

$0.995

-0.35%

-2.34%
(in Canadian $)

 








Commodities

 

 

 

 
Gold (-GC)

$1,683.20

$1,675.200

-2.09%

7.43%
(per troy ounce)

 








Copper (-HG)

$3.470

$3.482

-1.35%

0.99%
(per pound)

 








Silver (-SI)

$31.1280

$30.857

-3.68%

11.51%
(per troy ounce)

 








Wheat (-ZW)

$8.6600

$8.645

0.17%

32.67%
(per bushel)

 








Corn (-ZC)

$7.3550

$7.395

-2.68%

13.77%
(per bushel)

 








Cotton 

$0.7040

$0.7035

0.47%

-23.21%
(per pound)

 








Coffee

$1.5090

$1.547

-2.42%

-34.29%
(per pound)

 








Crude oil (-CL)

$85.65

$84.860

-0.68%

-13.34%
(per barrel)










 

560Comments
Nov 5, 2012 3:25PM
avatar
CLASSIC LADY,

MAKE SURE YOU HAVE PLENTY OF VODKA,   YOU'RE GONNA NEED IT TO DROWN YOUR SORROWS  !!!!!!!!!!!
Nov 5, 2012 3:20PM
avatar

Does Obama put the United States FIRST???? I don't think so!


The following came from ABC News        Again, NOT FROM FOX!

When the mainstream media starts outing Obama, you know The Chit is about to Hit the Fan!

They know that if they hide this until after the election, what little cred they have left, is TOAST!

 

"Republicans on the House Committee on Oversight and Government Reform have released new documents backing up claims by security personnel previously station in Libya that there was a shortage of security personnel in Benghazi.

 contain previously unreleased cables from Ambassador Stevens and his staff reflecting concerns about safety in the country.

The U.S. State Department did not have an immediate comment.

One signed by Stevens and titled “LIBYA’S FRAGILE SECURITY DETERIORIATES AS TRIBAL RIVALRIES, POWER PLAYS AND EXTREMISM INTENSIFY,” dated June 25, 2012, assess the increase in violence. ”From April to June, Libya also witnesses an increase in attacks targeting international organizations and foreign interests,” Stevens wrote, describing attacks on a United Nations official in Benghazi, International Committee for the Red Cross buildings in Benghazi and Misrata, and IED at the mission in Benghazi, and RPG fired at the British Ambassador’s convoy, and an attack on the consulate of Tunisia."

 

Link     

http://abcnews.go.co​​​​m/blogs/politics/​2​0​1​2/10/documents​-b​ac​k-​up-claims-o​f-r​equ​est​s-for-gr​eate​r-se​curi​ty-in​-beng​hazi/​

Nov 5, 2012 3:20PM
avatar

TAKES NOTICEl   CRAZY, COMRAD, ABS, MIRAGEGUY, PATRIOT, JEFFR.....MISTER KYTE, .VOTE FOR OBAMA IF YOU WANT TO FEEL LIKE A MAN.....YOU RISK BALL SHRINKAGE AND A HIGHER VOICE WITH A VOTE FOR MYTH ROBME......CLASSIC LADY VOTE FOR OBAMA AND YOU WON'T HAVE TO SHAVE YOUR  MUSTACHE  AND BEARD FOR A WEEK OR SO...
.
                                  FEEL LIKE A WINNER VOTE OBAMA.
Feeling like a winner may also spur you to vote. A 2010 study published in the journal Proceedings of the National Academy of Sciences suggested that people who backed winning college basketball teams were more likely to vote for the incumbent in Senate, gubernatorial or presidential elections. Backing a winner may not only get people to the polls, it may also make them friskier: Google searches for pornography surged in states that backed the winning presidential candidate in 2004 and 2008. Seeing your candidate lose, however, could be a libido-killer: Men who voted for challenger John McCain in the 2008 election saw their testosterone levels dip when he lost, according to a study detailed in 2010 in the journal PLoS One.
Nov 5, 2012 3:20PM
avatar

Will Obama protect our Diplomats and Service People??? I doubt it!


Here’s CBS’ latest release on Benghazi,       NOT FROM FOX;

   "CBS News has released a clip of an interview by Steve Kroft of 60 Minutes on Sep. 12 with President Barack Obama that indicates Obama knew the assault on the U.S. consulate in Benghazi, Libya was a premeditated terror attack–and suggests the White House later deceived the public by blaming protests against an anti-Islam video. CBS chose not to air the clip for over a month–but did air Obama’s attack on Romney that same night."

  

    "CBS News has learned that during the Sept. 11 attack on the U.S. Mission in Benghazi, the Obama Administration did not convene its top interagency counterterrorism resource: the Counterterrorism Security Group, (CSG).

   The CSG is the one group that’s supposed to know what resources every agency has. They know of multiple options and have the ability to coordinate counterterrorism assets across all the agencies,” a high-ranking government official told CBS News. “They were not allowed to do their job. They were not called upon.“

Nov 5, 2012 3:16PM
avatar
"The Huffington Post said, "

That's all we need to read to know it's 100% BULLCHIT................
Nov 5, 2012 3:16PM
avatar

The historical trends indicate that since the Washington Redskins lost their game before the election, Obama (incumbent) will lose the election. Strange, but true !

 

ROMNEY/RYAN 2012 !!

Nov 5, 2012 3:16PM
avatar

The GOP has done what I have been waiting for years for them to do.....Expose themselves for what they truly are and what they trutly believe in....they have finally rolled over and exposed theirUNDERBELLY.......The​y have made it perfectly clear they are NOT FOR  POOR or THE MIDDLE CLASS......they are for the RICH.    .They have made it Perfectly Clear they want to Legislate their Religious  Views....They have made it perfectly Clear that Corporations are people too and they will try to will elections with MONEY, FRAUD, VOTER SUPPRESSION. LIES, AND RIGGING....They have made it perfectly clear they are RACISTS.......
I want to personally thank the GOP for finally exposing themselves and speeding up their DEMISE......  
Throw your Extremist's out of your party GOP,  Vote for moderate Republicans......OR you will not have a party .....
Nov 5, 2012 3:15PM
avatar

Just out today,

Mr. Romney's refusal to release his tax returns prior to 2010 may be linked to the UAW's allegations that Mitt and Ann Romney may be tied to ethics violations and profiteering in the 2009 federal auto company bailouts.

By the time Romney and Adelphi's other investors were done, the company had been stripped of all its union workers and pension funds, and 80 percent of Adelphi's jobs were shipped to China.

The Huffington Post said, 


GO TO PRISON YOU SCUMBAG   MYTH ROBME !!!!!!!!!!!!!!!

Nov 5, 2012 3:10PM
avatar
Tea Party ask 43 million to get out and vote tomorrow and wear red for the next few days... I thought they had been quiet! hmmmm
Nov 5, 2012 3:09PM
avatar
I have a premonition that if one candidate does not win the other one will.
Nov 5, 2012 3:09PM
avatar

The CNN poll was taken with a bias democratic +11 and Romney still leads?

 

LANDSLIDE!

Nov 5, 2012 3:05PM
avatar

Wednesday night prediction:

 

We'll be able to sit down to dinner with our families without being interrupted by those annoying 'vote for Obama robo calls' !! yeaaaa!!!

Nov 5, 2012 3:02PM
avatar
Does Obama put the United States First??

Now he will allow the United Nations to "Monitor" our election.  WHY????

It won't be long until they'll be telling us what we can, and cannot do, in our own country! But this is exactly what Obama wants. One World Government. Arab Spring.
He should tell the UN to POUND SAND!!!!!!!!!!!!!!!!​!!!!!!!!!

This guy will sell us down the river in a heartbeat, just like he did with our Diplomats and Seals in Benghazi!              NO, he doesn't put the United States First!!!!!!!!!!!!!!!​!!!!!!

Nov 5, 2012 3:02PM
avatar

ROMNEY/RYAN 2012 !!

 

 

find it interesting.......all u republicans are either CEO...holes or better get back to work

Nov 5, 2012 3:00PM
avatar

ROMNEY/RYAN 2012 !!

 

 

find it interesting that all u republicans are posting.....must be CEO....holes

Nov 5, 2012 2:59PM
avatar

After all the Bashing over Katrina, people are freezing in the streets, no gas, no power, no aid.

Hey Obama, "Whea's their Dolla"??????????????​????????????????????​??????????

Nov 5, 2012 2:56PM
avatar
This country will keep going downhill regardless of who the so called president is until we replace our congress, senate and fed.Our government needs a total overhaul with term limits put in place for all people in these positions.Big business and the corrupt have destroyed the working middle class(you know,the ones that pay for everything)!Our media needs to be replaced as well, seeing all mainstream news is run by  special interest companies that see only what they want you to see.The stock market is rigged and fixed! Dont think so!? Try finding any news on the biggest scandal in the world right now in our media (THE LIBOR SCANDAL). Just this morning I read how Barkleys is being investagated on rigging California Energy Markets.Bankers in Europe are finally getting popped and I wish they would do the same here!
Nov 5, 2012 2:53PM
avatar
It is easy to see why so many people have lost trust in the government and believe that our country is on the wrong track when for our only real input to it, tomorrow we have the “privilege” of voting for a bunch of middlemen who will then vote the way they wish on the issues on our behalf.
Nov 5, 2012 2:51PM
avatar

Get out of the market NOW , until the smoke clears.

It's ALL propped up by Obumas henchman (George Soros , anyone ?)

When he loses it will drop like a rock

 

Nov 5, 2012 2:50PM
avatar

Hey, thanks for asking,  CL.

No power at home but generator working great.

We were verey lucky. No injuries, No damage to home or cars

Should have power by Weds eve.

In the office we have full power

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