Halloween Rally, JP Morgan Suspends Foreclosures, Oil’s Worst Month

By | TradingMarkets.com | October 31, 2008 05:00 PM
Symbols: DAL, ESRX, CCL, SJM

Halloween ended the worst month in stocks since 1987 with a strong rally despite gloomy news of $70 billion dollars being pulled from mutual funds and terribly dark consumer spending figures. Word of JP Morgan suspending home foreclosures for at least 90 days and rumors of large funds ending fiscal year end liquidations counteracted the bearish data triggering a +144.32 point rally in DJIA to 9325.01. The Nasdaq climbed +22.43 to 1720.95 and the broad based market barometer S&P 500 added +14.66 to 968.75 capping off its steepest weekly gain in 34 years.


Delta Air Lines ( DAL | Quote | Chart | News | PowerRating) - Led the airlines higher on falling oil prices climbing 14.97% or $1.43 to $10.98/share.


Carnival Corp. ( CCL | Quote | Chart | News | PowerRating) - The world's largest cruise company fell 11.53% or $3.31 to $25.40/share due to suspending its quarterly dividend and negative words on future profit.


Express Scripts ( ESRX | Quote | Chart | News | PowerRating) - Climbed 5.28% or $3.04 to $60.61/share upon raising its 2008 forecast.


JM Smucker ( SJM | Quote | Chart | News | PowerRating) - The Jam and Peanut Butter maker jumped 2.48% ot $1.08 on news that it was being added to the S&P 500.


Oil ended its worst month ever climbing $1.85 to $68.00, gold fell another $20.30 to $718.20 and the VIX fear index added 4.02% to 70.33.









Market Snapshot
















Dow

 +144.32 9325.01








NASDAQ

 +22.43 1720.95






S&P 500

 +14.66 968.75












Economic
News










New Home Sales (Sep): Consensus 450K, Prior 460K


Consumer Confidence (Oct): Consensus 52.0, Prior 59.8


Durable Orders (Sep): Consensus -1.0%, Prior -4.5%


Crude Inventories: (Oct 25) Consensus NA, Prior NA


FOMA Policy Statement: Consensus NA, Prior NA


Chain Deflator-Adv. (Q3): Consensus 4.0%, Prior 1.1%


GDP-Adv. (Q3): Consensus -0.5%, Prior 2.8%


Initial Chains (Oct 25): Consensus 473K, Prior 478K


Employment Cost Index (Q3): Consensus 0.7%, Prior 0.7%


Personal Income (Sep): Consensus 0.1%, Prior 0.5%


Personal Spending (Sep): Consensus -0.2%, Prior 0.0%


Chicago PMI (Oct): Consensus 48.0, Prior 56.7


Mich Sentiment-Rev. (Oct): Consensus 57.5, Prior 57.5

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Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: October 31, 2008
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