By Barbara Kollmeyer, MarketWatch
Intel falls, but Morgan Stanley is the latest financial to top
forecasts
U.S. stocks on Wednesday fought to sustain early gains as stocks
weighed strong quarterly report from a major financial institution
against weak housing data, which was limiting the market's
advance.
Morgan Stanley (MS) rose 0.7% to $32.52 and was one of the
biggest gainers among S&P 500 stocks after it reported a profit
that beat analyst forecasts
(http://www.marketwatch.com/story/morgan-stanley-profit-boosted-by-trading-revenue-2016-10-19).
The stock was the latest in a string of financials--including
Goldman Sachs Group Inc.(GS) and J.P. Morgan Chase &
Co(JPM)--that topped consensus expectations and boosted equities
(http://www.marketwatch.com/story/wall-street-stocks-point-higher-as-goldman-results-inflation-data-loom-2016-10-18).
The S&P financial sector rose 0.5% and was one of the biggest
gainers of the day.
The early mood has been upbeat.
"Not only have these financials beat, but they've beat pretty
solidly, which has led to some upside," said Randy Frederick,
managing director of trading and derivatives for Charles Schwab in
Austin, Texas.
The Dow Jones Industrial Average rose 17 points, or less than
0.1%, to 18,178, with a 5.4% decline in Intel Corp.(INTC) weighing
on the blue-chip gauge. The S&P 500 index was trading
little-changed, after trading tepidly higher, at 2,139. The energy
sector, up 0.9%, was the best gainer among the S&P 500's 11
sectors as crude-oil prices traded above $51 a barrel
(http://www.marketwatch.com/story/oil-prices-rise-on-signs-crude-inventories-likely-fell-last-week-2016-10-19).
Meanwhile, the Nasdaq Composite Index dipped 6 points, or 0.1%, to
5,237.
Despite the losses, the major stock-market indexes have mostly
been trading within a narrow range ahead of the U.S. presidential
election between Democratic nominee Hillary Clinton and Republican
candidate Donald Trump.
"We're not in a bad position, but we haven't made much progress
since July, and I don't see that changing with the big election we
have coming up, which has a lot of people uneasy."
Also, potentially a focus for some traders, the third and final
presidential debate will take place Wednesday evening.
Read: Wall Street wants Donald Trump to be beaten, but not
crushed
(http://www.marketwatch.com/story/this-is-wall-streets-new-election-black-swan-2016-10-18)
(http://www.marketwatch.com/story/this-is-wall-streets-new-election-black-swan-2016-10-18)Also
read:Irish bookie already paying out on Hillary Clinton victory
bets
(http://www.marketwatch.com/story/irish-bookie-already-paying-out-on-hillary-clinton-victory-bets-2016-10-18)
In the latest economic data, housing stars fell 9% in August
(http://www.marketwatch.com/story/housing-starts-tumble-9-as-sturdy-recovery-remains-elusive-2016-10-19),
reaching the slowest pace since March 2015. The data was a setback
for the housing market, though the starts were offset by a rise in
monthly building permits.
Wednesday also marks the 29th anniversary of Black Monday, when
on Oct. 19, 1987, stock markets crashed around the world.
Read:Chart watcher: stop comparing 2016 stock market to 1987
(http://www.marketwatch.com/story/chart-watcher-stop-comparing-2016-stock-market-to-1987-2016-10-18)
Gains for crude prices
(http://www.marketwatch.com/story/oil-prices-rise-on-signs-crude-inventories-likely-fell-last-week-2016-10-19)came
as Saudi Arabia's oil minister, Khalid A. Al-Falih, spoke at a
London conference. He said improving fundamentals and market
rebalancing will continue to aid the recovery and that many
countries, including those that aren't a member of the Organization
of the Petroleum Exporting Countries, are willing to join a
potential deal to cut global oil output
(http://www.marketwatch.com/story/saudi-oil-minister-many-non-opec-countries-willing-to-join-output-deal-2016-10-19).
Read: The stock market has been losing its grip on rallies at 3
distinct times during the day
(http://www.marketwatch.com/story/the-stock-market-has-been-losing-its-grip-on-rallies-at-3-key-times-during-the-day-2016-10-18)
(http://www.marketwatch.com/story/the-stock-market-has-been-losing-its-grip-on-rallies-at-3-key-times-during-the-day-2016-10-18)
(https://twitter.com/sarasjolin/status/788656012299468800)
In corporate news, Intel Corp. (INTC) fell 5.3% to $35.75 after
it reported a disappointing outlook
(http://www.marketwatch.com/story/intels-earnings-up-but-outlook-disappoints-2016-10-18)
while Reynolds American Inc.(RAI) sank 4.6% after earnings and
revenue fell short
(http://www.marketwatch.com/story/reynolds-american-misses-third-quarter-earnings-revenue-expectations-2016-10-19).
On the upside, Halliburton Co.(HAL)(HAL) rose 3.3% to $48.65 on its
results.
Read:The Intel money pit: Renovations cost more, no results in
sight
(http://www.marketwatch.com/story/the-intel-money-pit-renovations-cost-more-no-results-in-sight-2016-10-18)
Need to know:Sing the Alphabet song--the Google parent's stock
just broke out
(http://www.marketwatch.com/story/sing-the-alphabet-song-the-google-parents-stock-just-broke-out-2016-10-19)
Among other markets, gold rose 0.7% while the ICE dollar index
was flat.
Read:Why gold will rise no matter who becomes the next president
(http://www.marketwatch.com/story/why-gold-will-rise-no-matter-who-becomes-the-next-us-president-2016-10-18)
(http://www.marketwatch.com/story/dollar-slips-though-move-reduced-after-better-than-expected-china-data-2016-10-19)The
Stoxx Europe 600 index
(http://www.marketwatch.com/story/european-stocks-slip-but-energy-shares-track-gains-in-oil-prices-2016-10-19)
logged moderate gains, while Asian stocks
(http://www.marketwatch.com/story/asian-markets-rise-as-china-reports-healthy-growth-2016-10-18)
finished mixed. The Shanghai Composite Index closed flat after data
showed better-than-expected growth
(http://www.marketwatch.com/story/chinas-economy-grows-steadily-in-q3-2016-10-18)
in China, but slower industrial production.
(END) Dow Jones Newswires
October 19, 2016 10:16 ET (14:16 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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