Significant US stock indexes turned slightly higher in the middle of the trading day , which is their second straight day of increases. Investors were evaluating the latest company earnings for understanding into the welfare of the global economy. Consumer staple stocks were among the largest increases.
The Dow Jones industrial average increased 58 points (.03%) to 17,200 as of Pacific time. The Standard & Poor’s 500 index increased by five points (0.3%) to 2,029. The Nasdaq composite gained nine points (0.2%) to 4,879.
“People just want to get some comfort that the recovery in the develop market is still intact,” said David Lefkowitz, an executive director and equity strategist at UBS. “That in my mind is really the key question going into earnings season.
Mattel, Inc.(NASDAQ:MAT) increased 4.2% after Oppenheimer published a report highlighting the toymaker’s core brands as the spotlight. The report resulted after Mattel reported disappointing third-quarter results. Mattel increased 95 cents to $23.48.
General Electric Company(NYSE:GE) informed a decrease in third-quarter profit, but powerful performances from its core units assisted the industrial firm top Wall Street anticipations. GE increased the most in the Dow, adding 50 cents (1.8%) to $28.54.
Numerous oilfield service providers traded lower. Schlumberger dropped 4% after the company announced job cuts. The stock dropped $3.05 to $73.11. Halliburton Company (NYSE:HAL) shed $1.97 (5%) to $37.29, a Baker Hughes Incorporated (NYSE:BHI) dropped $2.60 (4.6%) to $53.59.Seven out of ten sectors in the S&P500 were increasing, led by consumer staples stocks, a category that includes Procter & Gamble Co. (NYSE:PG) and PepsiCo, Inc.(NYSE:PEP) The energy sector dropped the most.
The Federal Reserve stated that US manufacturing production dropped for the second straight month in September as factories distributed fewer appliances, computers, and electronics. The drop suggests that a strong dollar, weak overseas economies, and restrained US consumers are holding back factory output.
In Europe, the FTSE 100 index of leading British shares was up 0.6% as Germany’s DAX increased 0.4%. France CAC 40 increased 0.6%. In Asia, South Korea’s Kopsi dropped 0.1%, while Hong Kong’s Hang Seng increased 0.8%. The Shanghai Composite in mainland China was up 1.6%. Japan’s benchmark Nikkei 225 increased 1.1% assisted by anticipations that the country’s main bank will come out with more stimulus measures this month or next.
Benchmark US crude increased 34 cents to $46.69 in New York. Brent Crude, used to price international oils, dropped 15 cents to $49.99.
US government bonds dropped slightly. The yield on the 10 year Treasury nose increased to 2.03% from 2.02%. The euro changed little at $1.1355 while the dollar turned up to 119.54 yen.