The markets enjoyed their third day in a row of gains as remarks from Fed Chair Jerome Powell signaled that current rates are essentially near neutral. This is a dramatic change of tone following his comments in October that rates were a "long way" from neutral. The Dow 30 was higher by 618, the S&P 500 gained 61, and the Nasdaq 100 was higher by 208. All focus turns now to the G20 meeting which begins tomorrow and carries into the weekend.
Sector News
Healthcare was once again one of the stronger sectors of the day thanks to performance from names like Johnson & Johnson (JNJ ) and United Healthcare (UNH ), which hit new 52-week highs today. The sector continues to be one of the top sectors overall.
Crude oil sold off today, but was able to stay above the recent 52-week low as inventories showed a build in supply that was much larger than expected. This also marked the 10th consecutive increase in this inventory number, which further worried investors that OPEC may not cut production at their next meeting. They've already mentioned that if they do cut, they won't do it alone.
Stock News
Salesforce.com (CRM ) shares were higher today after releasing a stellar Q3 report. The company beat on earnings and revenue and although they gave a mixed outlook going forward, the CEO was nothing but bullish about beating the Street's expectations for the current quarter. The move today pushes the stock out of the recent downtrend, but traders will note that it was unable to stay above the 200-day moving average.
Tiffany (TIF ) shares broke to new lows today, suffering its second decline of 10% in a day in less than two months. Though earnings came in along the lines of Wall Street's estimates, revenue was lower than expected. Store sales also came in light along with slower traffic in China, which disappointed investors. Shares are now lower by 10% on the year.
Barnes & Noble (BKS ) shares were higher again today as fillings with the SEC revealed that the company's Executive Chairman, Leonardo Riggio, may in fact participate in any future sale of the company. Mr. Riggio is currently the largest shareholder of the company. Shares are higher by almost 7% on the week, near yearly highs.
