Better than expected earnings push market higher $GS:xnys
- Published: 17 October 2012
- Stocks again finished near their highs overnight as better than expected earnings from US majors helped the markets power higher and move into the black for the month of October. The Dow and S&P now sit approximately 5% and 7% away from there all time highs that were reached in October 2007
- Industrial Output surprised to the upside increasing by 0.4% in September
- Most S&P sectors were stronger with materials and energy leading the gains
- Citigroup gained 1.61% after reporting earnings that beat estimates. However the market was surprised by the news that CEO Vikram Pandit stepped down as CEO to be replaced by Citi veteran Michael Corbat
- Coca Cola reported earnings that matched expectations however revenue was slightly less than expected. The stock closed down 0.6% with a small gain in the aftermarket. IBM reported with a disappointing result which saw the stock fall 3.3% in aftermarket trading after revenue fell short of estimates
- DOW +0.95%, S&P500 +1.03% and NASDAQ +1.21%
- USD was softer against the EUR and AUD as risk appetite again increased
- Gold rallied on weak USD and better eco data, Oil was mixed but rose 0.2%
