The major stock averages are posting big gains in morning trading as earnings season is in full swing. Two of biggest tech companies, IBM and Intel, are expected to announce their earnings after the closing bell today. There was also a couple of economic data reports today. Homebuilder sentiment touched a six-year high, but the upward momentum has slowed according to the National Association of Home Builders. Consumer prices rose 0.6% in September, meeting analysts’ predictions. Industrial output also went up in September to 0.4%, with analysts expecting an increase to 0.2%.
Reports from Europe continue to hint that Spain is preparing to request a bailout package. We’ve been hearing about Spain requesting a bailout for months now so I wouldn’t hold your breath for that piece of news.
The Dow is currently up 107 points, the Nasdaq is up 17 points and the S&P 500 is up 10 points. [Read more...]