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22Oct2015 Market Update: U.S. Markets Unexpectedly Shoot Up At The Opening, Crude Prices Fall, U.S. Dollar Skyrockets Higher As Investors Taken By Surprise

Written by Gary

U.S. averages unexpectedly jumped out of the starting gate climbing steadily and the SP500 blew past the much talked about 2040 line in the sand. I mentioned over a week ago that the real resistance for the Spooz starts at 2053 and it remains to be seen if that 'gold ring' can be snatched and move on to even higher levels.

Crude oil prices have been volatile, but overall declining which will eventually drag the markets lower. Meanwhile, the U.S. dollar in a burst of bullishness, climbs as ECB hints at more stimulus.


Here is the current market situation from CNN Money

North and South American markets are sharply higher today with shares in U.S. leading the region. The S&P 500 is up 1.67% while Brazil's Bovespa is up 1.46% and Mexico's IPC is up 1.24%.

What Is Moving the Markets

Here are the headlines moving the markets.

Caterpillar shares rally despite cuts to 2015 profit outlook, 2016 sales

CHICAGO (Reuters) - Caterpillar Inc posted lower quarterly profits and cut its outlook, weakened by slower Chinese economic growth and Brazil's recession, but shares rallied on relief that the report was largely consistent with last month’s warning and restructuring announcement. "The results were in line with the pre-announcement and not worse," said Longbow Research analyst Eli Lustgarten, commenting on the jump in shares, up 4.3 percent in midday trade.

U.S. housing, jobs data point to fairly strong economy

WASHINGTON (Reuters) - U.S. home resales rebounded strongly in September and new applications for unemployment benefits hovered around 42-year lows last week, pointing at solid domestic fundamentals even as the global economy falters.

Wall St. higher after results, ECB comment on stimulus

(Reuters) - U.S. stocks rallied after two days of losses, boosted by strong results from McDonald's and Dow Chemicals and hints of the European Central Bank extending its stimulus program.

Valeant shares continue slide since Citron report

(Reuters) - Valeant Pharmaceuticals Inc's share slumped for the second straight day on Wednesday, a day after influential shortseller Citron Research said the Canadian drugmaker used specialty pharmacies to create "phantom sales".

McDonald's says turnaround taking hold as sales rebound

(Reuters) - McDonald's Corp reported its first rise in quarterly global same-restaurant sales in more than a year and said the trend would continue in the current quarter as Chief Executive Steve Easterbrook's turnaround plan begins to takes hold.

GM plans to add 1,200 workers at its remaining Detroit plant

DETROIT (Reuters) - General Motors Co plans to add a second shift at its Detroit-Hamtramck plant, responding to forecast demand for the four models the plant makes and anticipating production of Cadillac's new flagship sedan, the company said on Thursday.

EURUSD Crashes 200 Pips, Biggest Drop In 9 Months

So much for The Fed stepping back to weaken the USD and save US Corporate earnings...

EURUSD -205pips...

The biggets percentage drop in 9 months...

How will that 'help' the US earnings picture...

Charts: Bloomberg

The Fun-Durr-Mental Driver Of Today's Buying-Panic In Stocks

Spot the difference...

Crude and bonds ain't buying it...

Charts: Bloomberg

CEO Of Europe's Largest Zinc Producer Hints At Default: Bonds Hit Record Lows, Stock Plunges Most Ever

It had been a while since we had any major news involving the ongoing devastation in the global mining sector courtesy of China, where as we previously reported more than half of the local commodity companies can't cover their interest expense and are thus caught in a deflationary race to the bottom even as the government has no choice but to bail them all out.

Indeed, complacency seemed ready to set back in, with Glencore stock recently rising as high as its recent equity offering price of 125p. And then today we noticed that not only is Glencore's CDS back above 700 bps, the widest it has been in three weeks, but that another mining company has fallen into the market's crosshairs, this time Belgium-based (with Zurich HQ) Nyrstar NV, Europe's largest refined-zinc producer, whose stock crashed the most since its initial public offering in 2007, while it bonds tumbled to a yield of 19%, suggesting a default may be imminent.

The official version is that this plunge happened after the company said "its mining business is being challenged by the rout in metals."

According to Bloomberg, "Investment in the company's Port Pirie smelting operations in Australia will cost A$563 million ($405 million), about 10 percent more than previously forecast, it said in a statement Thursday. Nyrstar shares slumped as much as 27 percent, the most since at least October 2007, to the lowest in six years."

"Clearly, the business has underperformed for some time," Nyrstar CEO Bill Scotting said, referring to mining. &quo ...

Stocks Surge, Euro Falls as Draghi Hints ECB Could Expand Stimulus

Stocks pushed higher Thursday, boosted by signs of loosening monetary policy In Europe and a raft of third-quarter earnings reports in the U.S.

ECB's Draghi Sets December for Stimulus Review

ECB President Mario Draghi sent a stronger signal that the bank may expand its bond-buying program, saying policy makers will make a judgment on stimulus in December.

Inside Swiss Banks' Tax-Cheating Machinery

Dozens of Swiss banks have been spilling their secrets to the U.S. about how they encouraged clients to hide money.

Kansas City Fed Manufacturing Improves to Barely in Contraction in October 2015

Of the three regional manufacturing surveys released to date for October, all are in contraction.

Market Snapshot: U.S. stocks mount rally; Dow soars more than 300 points

U.S. stocks marched sharply higher in early Thursday trading amid a barrage of quarterly results, strong economic data.

Capitol Report: Job growth slows in Houston, other oil-dependent metro areas

The latest data on regional and metro area employment was generally a solid one â€" 37 states saw unemployment fall in September.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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