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First, the scoreboard:Dow: 13,495, +12.6, +0.1 per cent
S&P 500: 1451, +5.3, +0.4 per cent
NASDAQ: 3135, +15, +0.5 per cent
And now, the top stories:
- HP stock tanked after CEO Meg Whitman announced a 2013 profit forecast of $3.40-$3.60 per share, well below average analyst estimates of $4.16 per share. Whitman said that HP would experience a “broad-based profit decline” but that the company will be “more contained” than in 2012.
- The ISM Services index unexpectedly rose to a reading of 55.1 this month, up from 53.7 in August and higher than analysts’ expectations of a decline to 53.4. Any reading above 50 on the index indicates expansion. 6 Really Good Economic Datapoints That Have Popped Up Just In The Last Few Days >
- The September ADP jobs report revealed 162K jobs were added to private payrolls last month, down from 201K the month before but above analysts’ expectations of a 140K gain. Last month’s gain was revised down to 189K from 201K.
- Protests flared up in Iran today over the country’s rapidly collapsing currency as western sanctions on Iran’s oil trade start to really have an effect on the Iranian economy. South Africa Is On The Brink Of Total Chaos As Strikes Lead To Fuel And Cash Shortages >
- Violence erupted between Syria and Turkey today after Turkey said Syrian mortars landed inside Turkey’s borders. This led Turkey to retaliate, shelling targets in Syria.
- Oil dropped over 4 per cent today despite the flare-ups in tensions across the Middle East. The Entire Oil And Gas Industry Is Watching A Tiny Town In Wyoming >
- The ECB will hold its first meeting tomorrow since it announced last month its OMT bond market intervention plan designed to rescue troubled euro member states. Analysts expect no change to refi and deposit rates, but there may be further clarification on the specifics of OMT.
- DON’T MISS: The 20 Sovereign Wealth Funds That Are Buying Up The World >