Stocks closed sharply higher after a rebound by the battered financial sector spread across the entire market.
Royal Dutch Shell's oil sands upgrading plant near Edmonton, Alberta, caught fire late on Monday and the company said it was taking units off line after crews extinguished the blaze.
U.S. stock indexes closed lower as a rally in financial shares lost steam late Monday, pushing down markets already pressured by falling tech shares.
Stocks ended higher as record oil prices boosted shares of Exxon Mobil and other energy producers, while technology shares rallied on optimism ahead of Cisco's earnings.
Stocks closed on a positive note after several wild swings that ended an equally volatile week.
The bulls got what they wanted--nonfarm payroll TWICE the estimate at 160,000. Remember the game now: good news is good news, that is, we need strong economic data now to dampen down recession and larger slowdown fears. S&P futures up 10 points. Strength was in professional and business services, leisure and hospitality strong.
A blowout jobs number gave stocks an initial lift, but already some bond market skeptics are doubting the reliability of the data. For now, stock traders are looking at good news as good. October jobs were reported at 166,000. double expectations of 80,000. The jobless rate came in at an expected 4.7 percent.
Sell the financials and buy the oversold mineral and oil stocks, Cramer said.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Concerns that retail earnings and same store sales might be on the light side are being born out, at least initial numbers. Men's Wearhouse cut its forecast for third quarter profits, citing "continued softening in traffic trends." American Eagle saw a decrease of 5% in September comparable store sales, citing lower traffic and unseasonably warm weather.
Stocks bounced off session lows to close mixed on Wednesday but a late afternoon rally fizzled as investors were wary of initial quarterly earnings reports which came in largely below forecasts.
Market is dealing with several problems today: 1) Boeing down more than 3% after it delayed deliveries of its 787 Dreamliner for six months, due to problems assembling the plane. Though they say it won't materially hurt 20087 or 2008 earnings, it is still a surprise.
Chevron's commentary last night are a tad disturbing for a couple of reasons. It's not the obvious things: they lowered earnings partly on weaker margins for refined products. This was somewhat expected, given that we knew oil prices were high and gasoline prices did not move up as much, so refiners have seen their margins squeezed.
Oil refiner Valero Energy expects sharply lower quarterly profit due to a drop in refining, throughput and product margins, the company said on Wednesday.
Chevron said Tuesday it expects its third-quarter earnings to be significantly below the $5.4 billion it earned in the second quarter due to a sharp drop in its refining margins.