US Stocks Rise on Earnings Reports 10/24 09:16
U.S. stocks rose again Friday, putting the market on track for the best week
in almost two years.
NEW YORK (AP) --- U.S. stocks rose again Friday, putting the market on track
for the best week in almost two years. Amazon plunged after the company
reported dismal third-quarter results, but that wasn't enough to drag the rest
of the market down.
KEEPING SCORE: The Dow Jones industrial average rose 43 points, or 0.3
percent, to 16,719 as of 9:55 a.m. Eastern. The Standard & Poor's 500 index
rose five points, or 0.3 percent, to 1,956 and the Nasdaq composite is up 14
points, or 0.3 percent, to 4,467.
CLEARANCE: Amazon dropped $24, or 8 percent, to $289.33 after the company
reported a steeper-than-expected loss. The deficit came despite a large
increase in sales from a year ago. Investors have been getting impatient with
Amazon, which has been unable to deliver profits even as its gains ground as
one of the world's largest retail companies.
FED MEETING: Investors will increasingly turn their focus to next week's
Federal Reserve policy meeting for confirmation that the U.S. central bank is
ending its bond-buying program. That policy has kept interest rates extremely
low to support an economic recovery. It has also helped drive stock prices
higher as investors sought higher returns. Recent mixed signals about the
strength of the U.S. recovery prompted speculation that the Fed might let the
program continue for longer than previously anticipated.
GREAT WEEK: After the turbulence in the market last week, U.S. stocks are on
pace for their best week in nearly two years. The S&P 500 is up 3.5 percent so
far this week, the biggest gain since January 2013.
TO THE REPAIR SHOP: Ford fell 46 cents, or 3 percent, to $13.94 after the
company reported a steep drop in profits. Net income dropped 34 percent to $835
million in the third quarter, mostly due to the costs of launching its new
ENERGY: Benchmark U.S. crude oil was down $1.01 at $81.13 a barrel on the
New York Mercantile Exchange. It had jumped Thursday on reports of lower
production in Saudi Arabia and signs of strength in the U.S. economy.
CURRENCIES, BONDS: The euro edged up to $1.2659 from $1.2650. The dollar
slipped to 107.97 yen from 108.17 yen. Bond prices rose. The yield on the
10-year Treasury note fell to 2.25 percent.