Thursday, October 22, 2009

Market Reflections 10/22/2009

Earnings were mostly positive Thursday, led by 3M and McDonald's and including two from the financial sector: PNC and Travelers. After-the-close earnings were especially strong including big surprises from credit-card issuer Capital One and good results from both American Express and Amazon. Economic news was mixed as a gain for the index of leading economic indicators, a gain skewed by its heavy weighting on the yield curve, was offset by a slight rise in initial jobless claims. The dollar gained back some of yesterday's steep loss, up 0.2 percent on the dollar index to 75.14. Commodities were little changed, holding onto yesterday's big rallies in oil and base metals.

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