Posted on 10/14/2009 5:00:49 AM PDT by combat_boots
Intel’s better-than-expected earnings on Tuesday will position the Dow Jones Industrial Average within striking distance of the psychologically important 10,000-point mark when the market opens Wednesday.
Futures were also lifted by near stunning results from the banking conglomerate JPMorgan Chase & Co. (JPM: 45.75, n.a., n.a.%), who beat analysts' estimates by a wide margin.
As of 7:20 a.m. in New York, the Dow Jones Industrial Average futures jumped 118 points, or 1.2%, to 9927, the S&P 500 futures were up 14.8 points to 1083.50 and the Nasdaq 100 futures were up 23.5 points to 1750.25.
Shares of the chipmaker jumped 7% in the pre-market session after Intel (INTC: 20.49, n.a., n.a.%) reported earnings above analysts’ estimates and forecasted revenue for the upcoming quarter that also topped estimates.
(Excerpt) Read more at foxbusiness.com ...
It has always been foolish to me how good news from one company can cause the whole market to trend higher.
....my son-in-law works for Intel and for a while now he’s been saying that things were getting better for their business...plus they haven’t had any layoffs(knock on wood)
if that company is so large that it’s business can be seen as a proxy for many other smaller companies in related fields then it makes sense. Intel is such a company, so it’s not illogical that with earnings season kicking off with Intel, that we can expect many other companies to have earned more than expected too.
Stock Market desperation?
Don’t think it will stay there long. We are into the 4th quarter and traditionally companies hand out pink slips as christmas presents. Plus property taxes are coming due in the next 90 days. Be watchful for a big sell off in November/December.
Intel’s USB 3.0 looks like a winner.
Talk about a bubble...
This is nutz.
We will be close to a 60% retracement from the 14,000 Dow high to the lows around 6,600 and back to current futures levels...if this holds.
It’s insane to be in the market at these levels.
Big deal. The stock market is fueled by rumors and hype. Earnings are higher because dollars are worth less. The money people need to suck in more investors so they can finish off destroying every bit of wealth when the real collapse hits home next year.
The market is being manipulated by “new” reporting easing of past regulation. THis is so BO can blah, blah, blah about how wonderful a saviour he is.
If it reaches 10,000- mark my words, BO will hold a big-a$$ press conference, me, me, me, me, me, IIIIII.
This admin is so evil. It must be stopped.
Oh Barry WHERE ARE THE JOBS ???
Oh, retail sales numbers comes in in a few minutes. We’ll see how that goes.
10,500 and I’m out.
That’s the way it goes. There’s no manipulation, no BS. This is the free market at work. There has long been a feeling here that the economy won’t recover and Obama will be saddled with that. The economy always recovers. And the guy in the office takes credit.
Except Bush. He was happy to take no credit at all.
I got out yesterday....my 401 went to short term bonds.
Whatever the market does, I’ll get back in 2nd quarter next year. At worst, I’ll lose a few percentage points of gain. At best, I’ll save a large portion of my investment.
Until credit frees up, I still believe the market is in for a huge drop again. That’s exactly what happened in ‘29-’31.
The Stock Market is simply legalized gambling. You place your bet on a stock to go up, or down. In the face of 15 trillion in national debt, the dollar about to expire in value, a Marxist regime destroying America, mortgages failing, unemployment at an all-time high,...people still cling to the Stock Market as though it bore NO relationship to reality,...just a Vegas betting parlor. It’s a house of cards. And it’s about to fall.
So you are saying that the economy will do well even under socialism? Give me a break.
I’ll see you on the other side of 10,000.
You did not answer my question. Also the markets are now less connected to the state of the economy than ever.
Even taking inflation over the years into account, I just don’t see the economic underpinnings to support a rise of this much in the value of firms.
Profits during this rally have been due to downsizing and cost cutting, not improvements in sales. They can only cut so much....I believe profits will evaporate this winter.
P/E on the Dow is already at 27+.
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=DJIA&sid=1643
There is still an awful lot of money chasing some kind of return.
That is very true, but a lot of that money is sitting in bank reserves.
Volume on the stock market is still quite low, so the money in investors hands has still not really shown up. I think after the dotcom bubble and this last debacle, the big investors (pension funds, etc.) are gun shy.
Come oonnnnn, 10500 !
I’m pulling for you! :)
It was always said that the chip business was the first to be negatively affected when business stalled but the first to recover from business slow-downs, etc.
We can hope but, I worry.
We have some unusual problems to overcome these days.
You give Obama too much credit. He cannot destroy 200 years of capitalism in 8 months. He’s trying but so far our system is still in place.
As far as the market, while they may be less attached, they make great headlines and it is the first thing that gets reported in the news, at least when Obama is President.
Nah.
CitiCorp tanks to $3.00, poof out of DOW.
AIG $1.25, is taken over by The Obammunist, poof out of the DOW.
Government Motors $0.00 is nationalized, poof out of the DOW.
yitbos
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