Stock Indices dropped lower in the U.S. during the last trading session as
investors continued to deal with the uncertainty of the debt bailout dilemma in
Europe. Global indicators were posting in the red in the eurozone yesterday and
this negative action spilled over to apply negative weight to the U.S. indices.
Ultimately the U.S. indices closed out the trading session in the red. End of
day close for the primary index composites finished red across the board. The
Dow Jones Industrial Average finished the day lower by 2.13 percent at 11,397.
The Nasdaq closed out lower by 1.98 percent at 2,614.92. The S&P 500 finished
the session lower by 1.94 percent at 1,200.86. The dollar rose versus the euro
and the British pound. Gold contract lost 6.40 and oil per barrel dropped lower
by 42 cents. The headlining economic news posting in the U.S. last session
pertained to the Empire State Manufacturing Index. This index posted weaker than
most economists had been anticipating. Specifically, the ESM Index posted a
negative 8.5 in October. This value was much weaker than anticipated and equals
the fifth straight month that the index was on the negative side of break-even.
Headlining earnings data last session pertained to IBM. According to the IBM
report, third quarter earnings were up 7 percent. IBM reported a profit of $3.8
billion. Prior to the report, IBM shares finished down last session. According
to Yahoo Finance, IBM closed in the red last session by 3.94 percent at 186.59.
After hours action remained red for IBM shares. Frank Matto
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