After a down day yesterday to begin the month today’s action started after the close last night when FedEx, thought by many to be a good measure of the economy, slightly reduced their net income for the current quarter and that stock opened – $2.
In addition, a survey showed a 7th consecutive month of economic contraction in the Euro zone but in the U S productivity grew at a much faster than expected 2.2% last month.
But the focus is on ECB president Draghi who is expected to announce a bond buying program tomorrow to help stabilize Italy and Spain and despite slowing economic numbers the market is near the 4 year high on the belief that international monetary intervention, something that is traditionally good for stock, is in the immediate future.
The Dow opened + 14 and traded around the flat line all day.
At the close:
DOW + 11 to 13047
S&P 500 -1 to 1403
NASDAQ -5 to 3069
OIL +.25 to 95.50
GOLD unchanged at 1695
Stocks in the news:
Facebookrose after CEO Mark Zuckerberg said he has no plans to sell his shares for at least 12 months, according to a SEC filing. Meanwhile, Facebook directors Marc Andreessen and Donald Graham will sell some of their shares, but only for tax-settlement purposes. In addition, Facebook employee lockup has been moved to October 29 from November 14. Shares hit an all-time low on Tuesday, falling more than 50 percent below its IPO price. FB +4.8%.
Nokiareleased its new Windows 8 smartphone, called Lumia 920, in an effort to win back lost market share from the likes of Apple, Samsung and Google. Still, shares of the Finnish cellphone maker plunged. NOK -15.9%.
Among earnings, Dollar General opened up $1.50 after the retailer reported a bigger-than-expected increase in earnings and boosted its profit forecast for the year but closed just fractionally higher.