Though we sold off a bit toward the close, it was still a good day. Almost 3 to 1 advancing to declining stocks, with particular gains in emerging market stocks (many up 4 to 6 percent). Many techs and energy stocks are up 2 to 3 percent.
A bit of good news: our parent company, GE, held up well despite reducing earnings estimates for the third quarter. Two pieces of good news: 1) Standard and Poor's affirmed the company's ratings, and 2) GE is making efforts to reduce leverage and diversify its funding strategy for GE Capital.
GE closed just off the highs for the day (up almost 4 percent).
This is important. By the middle of next week, the news will be have been out on the Treasury bill, Congress will have recessed for the political food fight of the century, and Wall Street will turn to third and fourth quarter earnings (the quarter ends next Tuesday!)
The early buzz is not good; many anticipate that estimates remain too high for energy, retailers, and others, and that firms will be lowering guidance, just as GE did today.
But with markets down so much, there may be room for some lowering of estimates: GE is now the poster child for this argument.
Thin gruel for the bulls, but it is one of the few arguments they have right now.
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