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16Oct2015 Market Close: The Averages Closed Strongly Upward After The SP500 Rejects 2020 Support Posting Third Week Gain In A Row

Written by Gary

Markets closed higher with the SP500 slipping to the 2020 support, failing to penetrate and then climbed to new session highs just short of its resistance of 2040. General Electric Co reported a better-than-expected quarterly profit on Friday as third-quarter results are proving to be overall better than expected along with U.S. consumer sentiment rebounding strongly.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. edges higher late as sentiment data, GE boost

(Reuters) - U.S. stocks edged up in late afternoon trading Friday, helped by upbeat consumer sentiment data and gains in General Electric, putting the S&P 500 on track for a third week of gains.

Steve Ballmer takes 4 percent stake in Twitter, owns more than CEO

SAN FRANCISCO (Reuters) - Former Microsoft Corp Chief Executive Steve Ballmer has taken a 4 percent stake in Twitter Inc , according to his spokesman, making him the third-biggest individual shareholder in the social media company.

U.S. consumer sentiment rebounds; industrial output weak

WASHINGTON (Reuters) - U.S. consumer sentiment rebounded strongly in early October, suggesting that the economic recovery remained on track despite headwinds from a strong dollar and weak global demand that have weighed on the industrial sector, particularly manufacturing.

U.S. holiday sales expected to rise 2.8 percent in 2015: RetailNext

CHICAGO (Reuters) - U.S. holiday sales are expected to rise a modest 2.8 percent in 2015, as a sluggish economic recovery is likely to weigh on consumer spending, analytics firm RetailNext said on Friday.

Exclusive: Silicon Valley IPO market boom winding down

SAN FRANCISCO (Reuters) - Last year, many tech IPOs enjoyed soaring valuations in their Wall Street debut, raining cash on the companies and their investors and boosting concerns about another Silicon Valley bubble.

GE beats profit expectations as aviation counters weak oil segment

(Reuters) - General Electric Co reported a better-than-expected quarterly profit on Friday, helped by cost cuts and higher sales of its jet engines business that offset struggles in its oil and gas segment.

Honeywell revenue misses on weak demand from oil, gas customers

(Reuters) - Honeywell International Inc , a maker of industrial, aerospace and auto components, reported lower-than-expected quarterly revenue, hurt by weak demand from oil and gas customers.

Stocks Post Third Week of Gains

Stocks posted their third week of gains in a row as third-quarter results are proving to be overall better than expected.

Noble Winds Down Metals Trading

Commodities trader Noble Group is winding down its exposure to some metals and focusing on what it says is a profitable energy business as it addresses the global resources rout.

Liongate Capital Management to Shut Down

Liongate Capital Management LLP, one of London’s best-known hedge-fund investors, which ran billions of dollars at its peak, is to shut down, according to a person familiar with the matter.

Currencies: Dollar finishes flat against the euro after volatile week

The U.S. dollar finished the week essentially flat against the euro on Friday amid shifting expectations on the future course of monetary policy in both the U.S. and the eurozone.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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