Stocks Step Up on Euro Debt Plan Progress

Stocks posted gains on Wednesday. Boeing, Chevron and Caterpillar led the Dow’s upswing. Brands climbed on better-than-expected economic reports and news that China may invest in Europe’s recapitalizing plan. New home sales increased in September. The Commerce Department said sales rose by 5.7% to 313,000, from a revised 296,000 in August. The result exceeded anticipated sales of 300,000. Meanwhile, durable goods orders dipped in September. New factory orders for goods designed to last several years declined 0.8 percent after retreating an unrevised 0.1 percent the prior month. The result nearly met the estimate for a 1.0 percent drop. Discounting transportation, durables rebounded 1.7 percent, following a 0.4 percent decrease in August. The forecast called for a 0.5 percent jump. On another note, crude oil shed $2.97 to settle at $90.20 a barrel. Looking ahead, Dow Chemical and Exxon Mobil will report quarterly data tomorrow.

Disclosures:

All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.