Stocks See Follow-Through With Third Straight Up Day
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Stocks rallied for a third straight session today as investors were emboldened by a better-than-expected June initial jobless claims report.
The Dow closed up 121 points to 10,139, the S&P 500 rose 10 to 1,070, and the Nasdaq rose 16 points to 2,175.
Over the course of the three-day upswing stock have risen 4.7 percent, as represented by the move in the S&P 500.
Initial jobless claims were reported at 454,000, a decrease of 21,000 from the previous week's revised figure of 475,000 and better than the consensus of 460,000. The 4-week moving average was 466,000, a decrease of 1,250 from the previous week's revised average of 467,250.
Continuing jobless claims were reported at 4,413,000, a decrease of 224,000 from the preceding week's revised level of 4,637,000. Economists were expecting 4,600,000.
Today's report could suggest a "double dip" recession is less likely.
In addition to the positive jobless claims news, retail sales were generally better-than-expected. J. C. Penney (NYSE: JCP) and Abercrombie & Fitch (NYSE: ANF) were two big movers on strong same store sales numbers. Shares of the stocks were up 7 percent and 8 percent, respectively.
With the second quarter earning season just around the quarter, analysts continue to cut estimates for financial stocks. Today, influential bank analyst Meredith Whitney has lowered her earnings estimates on Goldman Sachs (NYSE: GS) ahead of the company's quarterly results, expected out on Tuesday, July 20th. Meredith now sees Goldman reporting Q2 EPS of $1.70, down from her previous estimate of $4.75 and compared to the current Street consensus estimate of $2.34. Q3 EPS estimate moves from $4.24 to $3.77, which compares to the Street estimate of $4.10. For FY10, Meredith is now expecting Goldman to report $15.70, down from $20 previously. The Street is looking for FY10 EPS of $16.76. Goldman shares fell 0.3 percent today to $135.46.
The Dow closed up 121 points to 10,139, the S&P 500 rose 10 to 1,070, and the Nasdaq rose 16 points to 2,175.
Over the course of the three-day upswing stock have risen 4.7 percent, as represented by the move in the S&P 500.
Initial jobless claims were reported at 454,000, a decrease of 21,000 from the previous week's revised figure of 475,000 and better than the consensus of 460,000. The 4-week moving average was 466,000, a decrease of 1,250 from the previous week's revised average of 467,250.
Continuing jobless claims were reported at 4,413,000, a decrease of 224,000 from the preceding week's revised level of 4,637,000. Economists were expecting 4,600,000.
Today's report could suggest a "double dip" recession is less likely.
In addition to the positive jobless claims news, retail sales were generally better-than-expected. J. C. Penney (NYSE: JCP) and Abercrombie & Fitch (NYSE: ANF) were two big movers on strong same store sales numbers. Shares of the stocks were up 7 percent and 8 percent, respectively.
With the second quarter earning season just around the quarter, analysts continue to cut estimates for financial stocks. Today, influential bank analyst Meredith Whitney has lowered her earnings estimates on Goldman Sachs (NYSE: GS) ahead of the company's quarterly results, expected out on Tuesday, July 20th. Meredith now sees Goldman reporting Q2 EPS of $1.70, down from her previous estimate of $4.75 and compared to the current Street consensus estimate of $2.34. Q3 EPS estimate moves from $4.24 to $3.77, which compares to the Street estimate of $4.10. For FY10, Meredith is now expecting Goldman to report $15.70, down from $20 previously. The Street is looking for FY10 EPS of $16.76. Goldman shares fell 0.3 percent today to $135.46.
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