Looking Ahead to Thursday's MarketOctober 17, 2012 @ 4:44 PM EST
Quick Recap of Wednesday’s Session:
Stocks finished modestly higher on Wednesday, marking the third straight positive finish for S&P 500. Major indices started the day flat but quickly snapped into rally mode following news that Moody’s had confirmed Spain’s credit rating would not go to junk. A much better than expected Housing Starts and Building Permits report, and a positive earnings announcement from Bank of America (BAC) also helped lift sentiment. Stocks would pull back a bit in the afternoon but still manage to finish near their intraday highs. All major indices finished in positive territory for the third day in a row.
S&P 500 +0.41%, NASDAQ +0.10%, DJIA +0.04%, Midcaps +0.77%.
Looking Ahead to Thursday:
- Overnight we get Unemployment and Consumer Confidence from the Netherlands, Unemployment from Sweden, Retail Sales from the U.K., and PPI from Portugal.
- Before the bell here in the U.S. is Weekly Jobless Claims.
- Also before the bell are a few high profile earnings announcements: Southwest (LUV), Morgan Stanley (MS), Philip Morris (PM), Union Pacific (UNP), and Verizon (VZ).
- Shortly after the open is the Bloomberg Consumer Comfort Index reading at 9:45am EST, then Philly Fed Index and LEIs at 10:00am EST.
- Wednesday was another victory for the bulls. Quelling concerns over Spain and continued improvement on the economic data front were in focus as stocks rallied again. Thursday morning, traders will have their sights set on the Weekly Jobless Claims, Philly Fed, and LEI reports, as well as a few big earnings announcements before the bell. So, while the S&P 500 did bump into resistance at 1460, there is plenty going on Thursday morning, and as such, anything can happen.
S&P 500 - Intraday
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