Published: Thu, 22 Oct 2009
Description: (NECN) - Stocks post a strong rally. Upbeat earnings reports overshadow a disappointing report on employment. The Dow Jones Industrial Average closes at 10,081-- jumping nearly 132 points-- one percent. The Nasdaq composite finishes at 2,165...
Automatically Generated Transcript (may not be 100% accurate)
" Hello upbeat earnings reports overshadowed disappointing report on unemployment today's numbers the Dow Jones Industrial Average 10081. Jumping nearly 132. Point 1% the Nasdaq Composite finished at 2165. Up fourteen more than half a percent. The S&P 500 and that about 109. 1% today. The Bloomberg new England's index climbed more than four and a quarter points the New England tech stock index --"
" About one. Now this tonight Jim Wallis chief investment strategist -- adviser investments an editor. A fidelity investor dot com good evening -- that in about well let's start with two Big East that reported today and that two very different stories they tell. Amazon profits soared over 60%. On the flip side -- American Express down 21%."
" Very interesting tale of two cities MX makes its business not just on consumer credit card users are really on small business. Using that and it scars to fund their businesses the fact that it's down. I suggest to me that there's still seeing some dramatic pressures on the small businesses. Not just domestically but globally Amazon on the flip side you are clearly seen the consumers are willing to pay a price. Not just deeply discounted prices are certainly doing that on Amazon but really Amazon's sales. We're able to beat dramatically by virtue of selling a product called the Kindle electronic book. Reader which is a very high priced items so. Much like apple to begin the week Amazon yet again today confirms that consumers have cash and they are willing to spend it even pay out. If they want the product. Other rally also driven by several solid reports from Dow components among them travelers AT&T and -- of the five Dow components a report today although the consensus estimates and some by wide margins the most interest seemed to me among them. Well as travelers because they are -- dividend and increase their share buyback program. Two very bullish move the company clearly feels that business conditions. Having just improve near term -- improve long enough over the long term. That they could take such interest in action and eighteenth tee and other beneficiary of those iPhone sales clearly and yet again an indication that consumers are willing to pay up -- can get most phones for free at AT&T. But not the iPhone but people want I suppose that. -- for the benefit of looking cool that is. It's they might sound a little bit light -- but the reality is it gives consumers are willing to do that. This economy won't turn a corner much faster I think the most economists -- investors also elected very positive forecast today from Wal-Mart. Yeah well I just -- two -- analyst and meeting with some extraordinarily bullish comments. Four year end sales goals of one to 2% and forecasting. Better ourselves in 30 not just through bottom line and deep discounting. But also goes through being able to have complete their competitors so Wal-Mart obviously. Key Bellwether for -- we've called blue collar workers. And I think what we're seeing is that the blue car in the white collar spending habits are beginning to come back in this market."
" Global markets continue to watch China and by all reports it's recovery seems to be steaming ahead."
" China extraordinary. Slightly missing consensus estimates which would have been 9% annualized GDP rate. Community point 9% still obviously against the global backdrop. Of recessionary numbers China's stimulus plan continuing to prove that China at least on the surface -- had a project the image of success. The substance of that success will be meted out over the next quarter or two but it's enough when China reports such robust numbers. To continue to help this moment dome that we've seen drive this this rally it's enough. To help them momentum escalate the rally move forward and we've got a couple of big reports and that we tomorrow. We give Microsoft and -- apple Microsoft key indicator of consumer and business tax spending. We're hopeful durable goods items if we see both of those beat on top line sales will be and amazingly robust. And bullish for the market next week we do get an existing home sales report on the economic front. If that like every other housing report this week. Is worse than expected Beckham -- a slight damper on tomorrow's much."
" All right we shall see market analysis Jim -- chief investment strategist at adviser investments an editor of fidelity investor dot com have a good night -- into the."