The Dow Jones Industrial Average (.DJX) rebounded from a 733-point loss early, but fell into the red after the latest Philadelphia Fed Survey plummeted to a worse-than-expected -37.5 in October. Economists were looking for the gauge of manufacturing activity to fall to -10. The Dow staged a modest rebound after the kneejerk reaction to the headline, but is once again being weighed down by the financials. JP Morgan (JPM), Citi (C) and American Express (AXP) are leading the morning decline. Relative strength is being seen in Merck (MRK), Alcoa (XOM), and Exxon Mobile (XOM). Dow component IBM (IBM) reports after the closing bell. The Dow Jones Volatility Index (.VXD) is up .53 to 65.05.
Category: All Indexes
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.