The Dow Jones Industrial Average wild ride finished higher by 0.7% on the day as strong earning beats from IBM, Procter & Gamble and United Technologies drove the index higher. Earlier in the day, we did see initial gains evaporate as growth concerns grew and White House Council of Economic Advisers Chairman Kevin Hassett’s comment that there is a chance for zero growth in the first quarter if the shutdown lasts until March. The market did not initial react to his comment but we did see the wires focus heavily on his downbeat words, which was quite a negative stance when comparing it to his comments earlier in the month that said the shutdown would have some economic impact. The broader markets however were not able to match the Dow’s gains. A positive day for earnings, but not enough to ease growth concerns.
After hours earning results painted a mixed picture. Texas Instruments initially sold off initially after delivering guidance near the lower end of the analysts’ expectations. Ford posted a big miss with earnings coming at $0.30, much lower than the $0.39 that was eyed. Revenue increased from $41.3 billion to $41.8 billion. Ford shares climbed higher following the release.
The 10-year yield on US Treasuries were up 3 basis points to 2.743%. The high-beta currencies had modest gains to the dollar while gold prices were practically little changed.
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Ed Moya
His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.
Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.
Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.
Ed holds a BA in Economics from Rutgers University.
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